Egypt non-oil business collapses as coronavirus hits activity – PMI – ZAWYA

Egypt non-oil business collapses as coronavirus hits activity – PMI – ZAWYA

"The reading signalled a severe decline in business conditions," IHS Markit said.. The pandemic led firms to put in place large cost-saving measures, including labour reductions, and caused some to close altogether, IHS Markit said.. The novel coronavirus's spread virtually shut down Egyptian tourism, which International Cooperation Minister Rania al-Mashat last week said accounted for 5% of gross domestic product.. The new orders subindex plunged to 14.1 from 40.2 in March, the worst reading in the last nine years.. "Business expectations remain strong though improving since March, which may suggest firms will look to retain workforces for when the economy reopens," Owen said..