The IHS Market Purchasing Managers' Index showed that the non-oil private sector in Egypt shrank at the end of April for the fifth month in a row, as sales and employment declined at a rapid pace.
IHS Markit revealed that future production expectations, which came at 65, are still strong, but weaker than the 77.2 recorded in March when the launch of the Covid-19 vaccination program fueled hopes for a recovery.
Both production and new orders recorded a contraction for the fifth month in a row, while the sub-index of production increased to 46.8 from 46.7 in March, and the sub-index of new orders advanced to 47 from 46.9.
The entire non-oil private sector began to contract in December, stopping a series of growth for three consecutive months, as a renewed high incidence of Corona virus infections led to a decline in demand. However, the new export orders sub-index rose to 53.1 from 48.6 in March as economies abroad improved.
The rate of inflation was the fastest on record since September 2019, as commodity prices such as metals and plastics rose, forcing many companies to raise their prices. In contrast, the number of jobs continued to shrink, continuing a decline that began in November 2019. The employment sub-index fell to 47.6, its largest contraction since August, from 48.9 in March 2021.
Source (London-based Arab Newspaper, Edited)
