Egypt Non-Oil Private Sector Downturn Eases In July

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

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, climbed to 48.9 in July from 47.5 in June. However, any reading below 50 indicates contraction in the sector.

In July, slower declines in output and new work suggested that economic woes had eased, though problems persisted elsewhere.

At the same time, employment decreased for the fourteenth successive month in July, and at a pace that was among the steepest ever recorded by the survey.

On the price front, input price inflation intensified in July, driven by higher purchasing costs due to the strength of the US dollar against the Egyptian pound. This forced companies to raise their selling prices again during the month.