Egypt’s non-oil private sector contracted at a slower pace in April, as output returned to growth, survey figures from Markit Economics and HSBC showed Tuesday.
The Purchasing Managers’ Index, or PMI, for the non-oil private sector rose to 49.8 in April from 49.6 in the previous month. But, any reading below 50 indicates contraction in the sector. It was the fourth consecutive decline in overall business conditions.
Output returned to growth in April, although only modest. The latest expansion ended a three-month period of decline, driven by stronger demand conditions.
New orders increased for the second month running in April and faster than in the previous month. New export business also rose fractionally in April, having fallen throughout the opening quarter of 2015.
Employment level in the sector declined for the fifth straight month, with the rate of job shedding faster than the historical average.
On the price front, input prices rose marginally in April, due to weaker rise in purchase prices and a fall in average staff costs. Firms raised their selling prices at a slower pace during the month.
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