Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit

Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit

Egypt’s Purchasing Managers’ Index (PMI) fell to a five-month low thanks to escalating supply chain issues in the country, according to the latest IHS Markit report. The PMI dropped to 48.7 in October, slightly down from 48.9 in September, Shortfalls in inputs induced a significant drop in output and also led to the steepest jump in costs and charges for over three years. While local sales regained some recovery and kept overall demand conditions “relatively buoyant”, export sales dropped at the fastest pace in 17 months, IHS Markit said. Meanwhile, employment levels reached its highest level in two years due to businesses requiring more workers as the adverse effects of the pandemic ease off.