Cairo - Mubasher: The IHS Markit Egypt Purchasing Managers’ Index (PMI), focusing on the non-oil private sector, increased to 51.4 in October, recording its highest levels since December 2014 despite the modest upturn.
In September, the IHS Markit Egypt PMI recorded 50.4, according to a press release on Tuesday.
Marking an improvement for the second month in a row, the rise in the IHS Markit Egypt PMI is driven by growth in output, new orders, and stocks of purchases.
At the beginning of the fourth quarter (Q4) of 2020, Egyptian non-oil activities recorded a solid increase amid improved market conditions which raised client demand.
Although the export business increased in October, the rise in foreign demand was lower than in September.
Meanwhile, the uptick in the index was partly offset by the employment sector, as job opportunities decreased for the twelfth month in a row amid the weakest optimism since May.
The Economist at IHS Markit, David Owen, said: "The relatively strong upturn will encourage businesses, but also highlights the extent of the gap between current and pre-COVID activity levels that firms still need to abridge."
