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Private sector stays in contraction mode in November

Thursday 06 December 2018 10:26 AM

Emirates NBD
Emirates NBD

Al Mal:
The private sector remained in contraction mode in November, but the pace of decline was the lowest in the last three months, the Emirati The National reports.

The seasonally-adjusted Emirates NBD Egypt Purchasing Managers’ Index, a composite indicator that gives an overview of operating conditions in the non-oil private sector economy, rose to 49.2 in November from 48.6 in October, the lender said.

A reading above 50 signals growth, while a reading below 50 indicates contraction.

“The recovery in the headline PMI in November to a three-month high is encouraging, although the overall survey still points to soft business conditions for the private sector in Egypt,” said Khatija Haque, MENA Economist at Emirates NBD. “Although the declines in output and new work were relatively modest, the employment index fell to its lowest level since March. More positively, inflationary pressures appear to be easing.”