Egypt’s non-oil private sector activity deteriorated for the fifth consecutive month in February, survey figures from Emirates NBD and Markit Economics showed Thursday.
The seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index, or PMI, rose marginally to 48.1 in February from 48.0 in the previous month. However, any reading below 50 indicates contraction in the sector.
Both output and new orders continued to decrease in February. Subdued client demand was widely linked to fragile economic conditions, and panelists reduced their output as a result.
Employment level in the sector fell for the ninth successive month in February, as workers had left their posts in order to search for better job opportunities.
On the price front, input prices declined sharply in February, led by higher purchase costs due to the weakness of the Egyptian pound against the US dollar. Output prices also rose for the first time in six months, albeit only marginally.
The material has been provided by InstaForex Company – www.instaforex.com