Egypt Non-Oil Private Sector PMI Falls To 31-Month Low

(RTTNews) - Egypt's non-oil private sector activity contracted at the weakest pace in thirty-one months in March, survey figures from Emirates NBD and Markit Economics showed Tuesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, fell to 44.5 in March from 48.1 in the previous month.

Any reading below 50 indicates contraction in the sector. Moreover, the latest figure stretched the current downturn to six months.

Output declined for the sixth consecutive month in March and at the sharpest pace since August 2013. New business showed a similar trend, as signaled by the respective index dropping to a two-and-a-half year low.

On the price front, input prices rose sharply in March, led by a marked rise in purchase prices. As a result, output prices climbed during the month.