https://arab.news/jd4rh
RIYADH: Egypt's non-oil private sector witnessed a deterioration in business conditions in January, amid lower demand and inflationary pressures, according to IHS Markit.
The Egypt Purchasing Managers’ Index, PMI, fell from 49 in December to 47.9 in January, the lowest since April 2021, IHS Market said.
This level was also below the series average of 48.2, indicating a solid decline in overall business conditions.
Sub-indexes showed declines in output and new orders, as well as employment and purchasing activity, with firms struggling with another sharp rise in input costs.
As customers sometimes reduced their orders due to the price surge, businesses raised their output charges only modestly and at the slowest pace since July.
Output charges increased for six months at the weakest pace amid efforts to contain customer sales, the data revealed.