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Egypt non-oil sees easing in output price inflation

Monday 05 November 2018 11:09 AM

Egypt non-oil sector
Egypt non-oil sector

Firms in Egypt’s non-oil private sector increased their output charges at the weakest rate in ten months, said the latest Emirates NBD Purchasing Managers’ Index (PMI), adding that this was linked to a softer rate of input price inflation.

The survey, sponsored by Emirates NBD and produced by IHS Markit, a world leader in critical information and analytics, contains original data collected from a monthly survey of business conditions in the Egyptian private sector.

Commenting on the Egypt PMI survey, Daniel Richards, Mena economist at Emirates NBD, said: “The Emirates NBD Purchasing Managers’ Index (PMI) for Egypt fell modestly to 48.6 in October, compared to 48.7 in September.

“This is the second consecutive month of contraction for the index after having enjoyed a brief period in expansionary 50-plus territory in July and August. It is also the lowest reading of 2018, and the data suggests that private sector firms remain under pressure as Egypt’s IMF-sponsored economic reform programme continues. That being said, the reading is still far higher than those seen at the start of the process in November 2016, and future expectations remain robust.”