Egypt's non-oil private sector sees softer contraction in November
Updated 12/5/2023 7:45:00 AM
Arab Finance: Egypt’s non-oil private sector businesses saw a modest drop in operating conditions in November, as the purchase price inflations remain softer than last year’s highs, according to the S&P Global Egypt Purchasing Managers’ Index™’s (PMI™) survey posted on November 5th.
The headline seasonally adjusted S&P Global Egypt PMI increased to 48.4 in November from 47.9 in October, which is still below the 50-point threshold that separates expansion from contraction, the data showed.
The PMI’s sub-indices of output and new orders continued to decline in November, indicating that the activity outlook for the coming 12 months dropped to its lowest since April 2012.
"With this in mind, the 12-month outlook dropped to its worst level since the series began over 11-and-a-half years ago, as firms highlighted the impact that inflation rates are likely to have on customer demand,” Senior Economist at S&P Global Market Intelligence David Owen said.
The report revealed a significant drop in client sales amid the current inflationary pressures.
Moreover, it showed the sharpest rise in non-oil firms’ selling charges since March.
As regards the outlook, non-oil businesses showed the lowest level of confidence ever, with manufacturing and construction businesses showing pessimism toward future activity.
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