Egypt’s Non-oil business activity continued its contraction but at slower pace

Egypt’s non-oil business activity continued to decline for the fifteenth consecutive month in February but at a slower pace than the previous month, according to IHS Markit’s purchasing managers’ index (PMI) survey .

The gauge inched up to 48.1 in February from 47.9 in January but remained below the 50.0 mark that separates expansion from contraction.

Putting a damper on the slowdown was inflation, with price pressures weighing on business confidence and consumer demand and spending. This drove output sentiment down to its weakest in the guage’s history, IHS Markit says.