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FINANCIAL NEWS
Egypt’s non-oil private sector falls in May despite rise in exports
06 Jun 2017
(MENAFN) Business conditions in Egypt’s non-oil private sector declined in May; while export orders increased at the fastest rate on record and the sharp devaluation of the pound in Nov have positive impact on imports.
Additionally, Egypt Purchasing Managers’ Index posted 47.3 in May, down 0.1 points on a monthly basis, remaining below the 50-mark for the 20th consecutive month.
Meanwhile, the solid deterioration in business conditions was reflected by a marked decline in output, while the rate of contraction was unchanged from April.
Furthermore, non-oil private sector companies in the country commented on lower output requirements, as well as workers leaving to search for better job chances to retire.
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MENAFN0606201700450000ID1095537638
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