ALBAWABA – Egypt’s non-oil activity shrank for the 35th continuous month in October amid rampant inflation, supply chain disruptions and a shortage of foreign currency, the Purchasing Managers' Index (PMI) survey showed Sunday.
The S&P Global PMI slipped to 47.9 last from, from 48.7 in September, pointing to an increasingly shrinking economy.
"The Egypt PMI pointed to the sharpest deterioration in non-oil business conditions for five months in October," S&P Global economist David Owen told Reuters.
"A faster decline in new business volumes and sustained weakness in output were recorded” as businesses were forced to make their first reductions in staffing and stock levels since July, he said.
Egypt's non-oil activity shrunk for 35 straight months - Shutterstock
The subindex for new orders declined to 47.1 from 47.6, while the backlog index slipped to 50.6 from 53.1, which had been its highest reading since the PMI began in April 2012, according to Reuters.
Meanwhile, the output subindex climbed to 46.4 from 45.7 in September, while the subindex for future output expectations rose to 56.4, its highest in 10 months, from 53.0 in September.
