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Egypt Non-Oil Private Sector Contracts Most Since 2017

Egypt non-oil private sector contracted at the fastest pace in more than two years in November, survey results from IHS Markit showed Tuesday.

The non-oil private sector Purchasing Managers' Index fell to 47.9 in November from 49.2 in October. The score suggested the fastest decline since September 2017.

Output contracted for the fourth consecutive month in November. New orders also declined at a faster pace. Moreover, employment fell for the first time in four months.

Firms reduced their output charges to stimulate demand. At the same time, input cost inflation reached the second-slowest in the series history.

Looking ahead, future sentiment decreased marginally in November, falling below the average for the series.

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