Egypt's Non-Oil Private Sector Recovers In November: Markit

(RTTNews) - Egypt's non-oil private sector returned to growth in November, ending thirteen months of contraction, survey data released by Markit Economics and HSBC Bank revealed Wednesday.

The seasonally adjusted purchasing managers' index (PMI) for the non-oil producing private sector economy climbed to 52.5 in November from 49.5 in October, hitting the highest level in since records started.

The index have moved above the no-change 50 mark, which separates growth from contraction, for the first time in thirteen months.

Production increased for the second successive month, and at the fastest pace since the survey stated in 2011. New orders also rose at a record pace, supported by stronger demand from foreign markets.

However, firms continued to reduce their workforces, extending the current sequence of job-shedding to 19 months.

Input price inflation faced by private sector firms accelerated in November. In response to higher input costs, companies raised their output charges, although only marginally.