Egypt Non-Oil Private Sector Contracts In December

(RTTNews) - Egypt's non-oil private sector activity deteriorated at the end of the year, survey data from IHS Markit showed Thursday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI dropped to 48.3 in December from 50.7 in November.

Any reading below 50 suggests contraction, while a score above 50 indicates expansion in the sector.

Nonetheless, the contraction registered throughout the final quarter of 2017 was the slowest recorded in over two years.

Declines in output, new orders and new foreign business contributed to the latest deterioration.