Egypt’s non-oil private sector activity contracted in May for the sixth month in a row, but at its lowest pace in three months, according to IHS Markit’s new survey<\/p>\n
The seasonally adjusted IHS Markit Egypt Purchasing Managers\u2019 Index advanced to 48.6 in May from 47.7 in April. A reading above 50 indicates expansion, while a reading below that signals contraction.<\/p>\n
Business conditions deteriorated across the non-oil sector, pressured by declines in output and new business.<\/p>\n
New order inflows fell for the sixth consecutive month, but to the least extent\u00a0since February as customer demand declined by the COVID-19 pandemic, while export orders surged.<\/p>\n
\u201cThe output and new orders indices were both up to three-month highs, while the stocks of purchases index suggested that firms were close to expanding their inventories after reductions in the first four months of 2021<\/em>,\u201d said David Owen, an economist at IHS Markit.<\/p>\n \u201cBusiness expectations data offered a glimpse of a positive future, as firms were at their most optimistic since early 2018 and expectant of a strong recovery in business conditions to follow soon<\/em>,\u201d Owen noted.<\/p>\n","protected":false},"excerpt":{"rendered":" Egypt’s non-oil private sector activity contracted in May for the sixth month in a row, but at its lowest pace in three months, according to IHS Markit’s new survey<\/p>\n","protected":false},"author":4,"featured_media":321461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[164],"class_list":["post-322212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news","tag-ihs-markit"],"yoast_head":"\n