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 moved closer to the 50.0 neutral threshold and was above its long-run series average of 48.2 (since April 2011).
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 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.
According to IHS Markit, this decline signaled a modest deterioration in the health of the sector.
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.
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.
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.
It recorded the seventh straight month of contraction in the non-oil private sector.
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