(RTTNews) – Egypt’s non-oil private sector activity deteriorated at the fastest rate in two years in June, according to data from a survey conducted on Wednesday.
The purchasing managers’ index, or PMI, fell to 45. 2 in June from 47. 0 in May. Any reading below 50 indicates a contraction in the sector.
The latest reading was the lowest since June 2020, the first wave of the Covid-19 pandemic.
Production and new orders fell to the lowest level since the 2020 quarter.
Producer prices rose at the fastest rate since February 2017, with monthly inflation reaching the highest level since April 2011.
Input purchases declined at the fastest rate since April 2020 and staffing declined at a slower rate since March.
Suppliers’ lead times have lengthened to their greatest extent since February 2017 and backorders have increased for the first time in six months.
Confidence for next year rose in June and overall sentiment peaked in five months on hopes that activity will start to recover.