Egypt’s PMI sees slight increase in February, non-oil private sector conditions weak for third month

  • Date: 03-Mar-2021
  • Source: Ahram
  • Sector:Economy
  • Country:Egypt
  • Who else needs to know?

Egypt’s PMI sees slight increase in February, non-oil private sector conditions weak for third month

Egypt's purchasing managers' index (PMI) increased slightly to post 49.3 in February, up from 48.7 in January, signaling a slight deterioration in operating conditions, according to the PMI report released by IHS Markit on Wednesday.

The report also noted that the rate of decline was the softest in three months, and the index was also above its long-run average of 48.2.

Yet, the report showed that Egypt's non-oil private sector's economic conditions weakened for the third month in a row in February amid declines in output and new business, adding that the pace of contraction softened from January and was marginal, helped by a record expansion in exports.

Meanwhile, rising raw material and freight prices drove a robust rise in input costs, yet output charges rose only slightly, according to the report.

On private sector output, the report said it decreased for the third month in a row in February, which companies related to a fall in sales amid the continued impact of the COVID-19 pandemic.

On the other hand, the report expounded that the pace of contraction slowed since the start of 2021 and was only modest.

Likewise, the drop in new sales was less marked compared to that