Egypt's Non-Oil Private Sector Expands Further In December

(RTTNews) - Egypt's non-oil private sector expanded for the second straight month in December, but at a slightly weaker pace than in the previous month, data released by Markit Economics and HSBC Bank revealed Monday.

The seasonally adjusted purchasing managers' index (PMI) for the non-oil private sector economy dropped to 52 in December from 52.5 in November, marking the second successive improvement in operating conditions. Readings above 50 indicate growth in activity, while those below suggest contraction.

Production at non-oil producing companies increased at the fastest pace ever recorded in the survey history. The pick up reflected a further increase in new business.

However, employment in the sector decreased in December, owing mainly to retirement of employees and the search for better job opportunities.

Input prices paid by Egyptian companies rose further in December, continuing the trend seen throughout the 33-month survey history. Meanwhile, firms lowered their output prices for the third time in the past four months.