Egypt Economy Contracted According to PMI Report

The Egyptian economy slowed down for the 17th time within the month of February showing a much slower pace of decline from the previous month based on the survey released on Sunday.

The Emirates NBD Egypt PMI acquired 46.7 points for the non-oil private sector which is below the 50 mark indicating differences of the expansion against the contraction, however, figures provided higher results compared to January with 43.3 points.

Moreover, Egypt’s currency weakened versus the US dollar which further beef up prices. It includes the country’s input cost which grew in February despite the negative statistics for the labor cost. While output continued to shrink gaining 44.3 for the last month, showing positive improvement

The output for February continued to shrink and gained 44.3 points but considered higher compared with 39.3 points earned in January.