AGL 8.15 Decreased By ▼ -0.15 (-1.81%)
ANL 11.09 Increased By ▲ 0.14 (1.28%)
AVN 83.70 Increased By ▲ 4.00 (5.02%)
BOP 5.85 Increased By ▲ 0.10 (1.74%)
CNERGY 5.65 Increased By ▲ 0.01 (0.18%)
EFERT 80.22 Increased By ▲ 0.86 (1.08%)
EPCL 67.28 Decreased By ▼ -0.20 (-0.3%)
FCCL 15.20 Increased By ▲ 0.31 (2.08%)
FFL 7.23 Increased By ▲ 0.53 (7.91%)
FLYNG 8.06 Increased By ▲ 0.90 (12.57%)
GGGL 12.00 Increased By ▲ 0.40 (3.45%)
GGL 17.71 Increased By ▲ 0.20 (1.14%)
GTECH 8.78 Increased By ▲ 0.43 (5.15%)
HUMNL 7.23 Increased By ▲ 0.06 (0.84%)
KEL 3.74 Increased By ▲ 0.60 (19.11%)
LOTCHEM 32.10 Decreased By ▼ -3.10 (-8.81%)
MLCF 29.00 Increased By ▲ 0.65 (2.29%)
OGDC 86.05 Decreased By ▼ -1.65 (-1.88%)
PAEL 17.40 Increased By ▲ 0.77 (4.63%)
PIBTL 6.30 Increased By ▲ 0.25 (4.13%)
PRL 19.10 Decreased By ▼ -0.36 (-1.85%)
SILK 1.19 Increased By ▲ 0.05 (4.39%)
TELE 12.25 Increased By ▲ 0.84 (7.36%)
TPL 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.70 Increased By ▲ 0.45 (2.22%)
TREET 26.95 Decreased By ▼ -0.15 (-0.55%)
TRG 97.75 Increased By ▲ 1.55 (1.61%)
UNITY 23.00 Increased By ▲ 2.15 (10.31%)
WAVES 14.10 Increased By ▲ 0.20 (1.44%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 4,389 Increased By 113.1 (2.65%)
BR30 16,099 Increased By 305.6 (1.94%)
KSE100 43,677 Increased By 804.8 (1.88%)
KSE30 16,532 Increased By 312.9 (1.93%)
Business & Finance

Egypt private sector contraction slows, buoyed by foreign business

  • The employment sub-index came in at 49.3 compared to the 48.7 recorded in January.
Published March 3, 2021

CAIRO: Egyptian non-oil private sector activity contracted for a third month in February, but at a slower rate than in January after foreign business helped buoy demand, a survey showed on Wednesday.

IHS Markit's Purchasing Managers' Index (PMI) came in at 49.3, up from 48.7 in January but still below the 50.0 threshold that separates growth from contraction.

"The rate of new foreign business growth was the sharpest in nearly 10 years of survey data collection," IHS Markit said. "Firms reported an increase in new contracts as well as a slight improvement in tourism activity.

"Nevertheless, overall demand was hampered by weak customer spending as markets remained depressed due to the pandemic," the survey compiler added.

New export orders registered 56.3 in February, up from 52.4 in January and 49.7 in December.

The non-oil private sector as a whole began contracting in December, ending a three-month expansion, after a resurgence in coronavirus cases dampened demand.

But the shrinkage of output and new orders slowed, with the output sub-index climbing to 48.9 from 48.6 in January and the new orders sub-index to 49.1 from 48.0.

Job numbers continued to fall as some firms did not replace voluntary leavers in an effort to lower staff costs, even as others increased hiring due to rising workloads, IHS Markit said.

The employment sub-index came in at 49.3 compared to the 48.7 recorded in January.

"Alongside business sentiment data, this gives promising signs for an expansion in output as the impact of the COVID-19 pandemic subsides," IHS Markit economist David Owen said.

Comments

Comments are closed.