Egypt's private sector continues shrinking amid high inflation and supply woes
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Egypt's non-oil private sector shrank for the 35th straight month in October as high inflation, supply chain issues, and lack of access to foreign currency continued hampering business activity.
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The S&P Global Purchasing Managers' Index (PMI) fell to 47.9 in October from 48.7 in September, indicating faster contraction.
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New orders and backlogs declined while inflation remained high, leading companies to reduce staffing and stock levels for the first time since July.
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Output subindex rose slightly but still indicated contraction.
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Future output expectations index climbed to 10-month high of 56.4, pointing to optimism about future prospects.