CAIRO, Egypt — Egypt’s non-oil private sector took a severe hit in November due to high inflationary pressures compounded by a recent depreciation of the currency, suffering its sharpest contraction in two and a half years, according to the latest Purchasing Managers Index (PMI).
The survey, compiled by S&P Global, is designed to give a snapshot of operating conditions in the non-oil private sector economy. With the contraction recorded in November, Egypt’s non-oil private sector has now been in the red for two consecutive years. It crossed the line with the worst reading since June 2020 and the quickest fall in activity documented since the beginning of 2017 if the initial phase of the COVID-19 pandemic, marked by the lockdown, is set aside.
