World Economy

Egypt PMI Drops

Egypt PMI DropsEgypt PMI Drops

The contraction of Egypt’s non-oil private sector gathered pace in August, after having eased considerably at the start of the third quarter. Sharper falls in output, new orders and employment led business conditions to worsen, with the rate of job shedding in particular accelerating to a survey record, bi-me reported. Meanwhile, firms were reluctant to engage in purchasing activity thanks largely to inflated costs. Purchase prices rose amid currency weakness. Raw materials and liquidity were subsequently in short supply, according to panelists. The survey was conducted by IHS Markit.