PMI
It noted that the index signaled a solid deterioration in business conditions that was the second-fastest since June 2020.
It noted that the latest reading indicated a solid decline in the health of the non-oil economy that was the sharpest recorded since June 2020.
The index came below the 50.0 neutral mark for the fifteenth month running and only fractionally higher than January's nine-month low of 47.9.
The index moved closer to the 50.0 neutral threshold and was above its long-run series average of 48.2 (since April 2011).
A sharp rise in business costs continued to drive higher selling prices and lower demand across the Egyptian non-oil economy during November. New business fell at the quickest pace for six months, leading to a decrease in output as well as renewed cuts in employment and purchasing. Subsequently, expectations for future output fell to their weakest in a year.
The Egyptian non-oil private sector faced a widening of the supply chain crisis in October, as a lack of inputs led to a solid contraction in output and the sharpest increases in both costs and charges for just over three years.
The index was below the 50.0 neutral mark for the 10th month in a row, signaling a contraction in the non-oil economy.
The survey data noted that growing concerns over raw material prices and signs of a pick-up in demand led to a record expansion in purchasing activity among Egyptian firms in August.
The PMI report indicated that the index scored 49.1 points during July 2021, in addition to the Egyptian labor market moving to the scope of expansion in July 2021 for the first time since October 2019, according to a statement issued, Wednesday.
The latest reading pointed to a slight deterioration in the health of the non-oil sector, and one that was softer than the series trend.
It marked the highest level since November 2020, according to the announced data.
The results revealed a moderate deterioration in the health of the non-oil economy.
It added that the rate of decline was the softest for three months, and the index was also above its long-run average of 48.2.
The report revealed that the Egyptian non-oil businesses saw a renewed decline in operating conditions at the end of 2020.
He also pointed to an increase in new exports for the fifth month in a row, believing this improvement in the performance of companies reflects a strong economy in Egypt.
The report said that the recovery in business output - after the downturn caused by the COVID-19 pandemic and associated lockdown measures - lost momentum in the latest survey period.
According to the latest PMI survey data, the Egyptian non-oil private sector economy grew at the strongest rate since the end of 2014 during October.
Egypt's main PMI, affiliated to IHS Markit, rose during September 2020, to the highest rate since July 2019, recording 50.4 points in September 2020, compared to 49.4 points in August.
This result is the first above-50.0 reading since July 2019.
“The reading indicated a slight deterioration in business conditions, despite renewed rises in both activity and new orders,” IHS Markit stated Wednesday.
