Egypt’s non-oil private sector growth at nearly 6-year high in October – PMI

Egypt’s non-oil private sector growth at nearly 6-year high in October – PMI

CAIRO  - Egypt's non-oil private sector expanded in October at its quickest rate in almost six years as a recovery from the coronavirus pandemic gained pace, a survey showed on Tuesday.IHS Markit's Purchasing Managers' Index (PMI) came in at 51.4, up from 50.4 in September and above the 50.0 threshold that separates growth from contraction.It was the second consecutive monthly improvement after 13 straight months of contraction, exacerbated earlier this year by the pandemic."Egyptian non-oil businesses saw a solid increase in activity at the start of the fourth quarter, amid reports of improved market conditions that led to a strong rise in client demand," IHS Markit said in a statement accompanying the figures.The expansion was supported by increases in output and new orders but was accompanied by a 12th straight