Cairo - Mubasher: Egypt’s non-oil private sector continued to see deteriorating business conditions in June, yet at a modest pace, in line with the trend seen in the second quarter of 2017, according to the Purchasing Managers' Index (PMI) survey sponsored by Emirates NBD and produced by IHS Markit.
The overall contraction was mainly caused by falls in output and new orders, although the latter recorded the joint weakest decline in the past ten months.
The rise of new export orders continued for the third month in a row, backed by interest from international markets.
Currency weakness resulted in further input price pressures, and firms raised average selling prices but at the slowest pace in 16 months.
“While the Egyptian economy remains under pressure, there are further signs of stabilisation as export orders rose for the third straight month in June and selling price inflation eased slightly,” according to Khatija Haque, head of MENA Research at Emirates NBD.
“However, firms continued to cite weak domestic demand conditions as weighing on activity and new order growth,” Haque added.
