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Egypt non-oil private sector declines in January

03 Feb 2015

(MENAFN) Egypt’s non-oil private sector declines in January for the first time since last July, as both output and new orders decreased slightly, a corporate survey showed, Gulf News reported.

The HSBC Egypt Purchasing Managers Index dropped to 49.3 points last month from 51.4 in December, a reading above 50 indicates expansion and below 50, contraction.

“The numbers show that Egypt’s recovery remains weak and vulnerable to downside risk. While we continue to except an upward trajectory for the economy, the gains will come off a low base,” said senior economist at HSBC.

Poor weather conditions and the economic crisis in Russia, which hit export orders, were partially responsible for weaker demand in January, the survey said.

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