Egypt’s PMI records 49.3 during February – EgyptToday

Egypt’s PMI records 49.3 during February – EgyptToday

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CAIRO – 3 March 2021: IHS Markit Egypt Purchasing Managers' IndexTM (PMI) recorde 49.3 in February, up from 48.7 in January.

 

Egypt's PMI signed only a slight deterioration in operating conditions, according to the report.

 

It added that the rate of decline was the softest for three months, and the index was also above its long-run average of 48.2.

 

"Business conditions in Egypt's non-oil private sector continued to decline in February, extending the latest dip in the economy seen since the end of last year and largely cancelling out the small rebound between September and November 2020,” Economist at IHS Markit, David Owen, said.

 

He added that on the upside, demand trends have moved closer to stabilisation, particularly as export sales picked up at a record pace during the month. Further growth in exports should help to improve overall sales in the future.

 

"Meanwhile, employment