Egypt Non-Oil Private Sector Downturn Continues In September

(RTTNews) - Egypt's non-oil private sector activity deteriorated further in September, survey figures from Emirates NBD and Markit Economics showed Wednesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, fell to 46.3 in September from 47.0 in August. Any reading below 50 indicates contraction in the sector.

Both output and new orders declined at faster rates in September. As a result, companies continued to reduce their workforce numbers.

On the price front, purchasing costs rose steeply on the back of currency weakness against the US dollar and the recent introduction of a value-added tax.