Egypt’s non-oil private sector activity declines despite banking flourishing
Egypt's non-oil private sector growth has decreased to its lowest level in three years, affecting the country's private sector and undermining a campaign to boost private sector companies.
Egypt’s non-oil private sector index fell at its fastest rate in nearly three years in January, despite the banking sector flourishing and optimism over the future of the Egyptian pound.
According to a report published by the IHS Markit Egypt Purchasing Managers’ Index (PMI), this decline is the lowest in 34 months, as the sector's activity in Egypt decreased from 48.2 in December to 46.0 in January, indicating a strong decline in sales.
According to the PMI, this is the sixth consecutive month that non-oil business activity has declined, as it has expanded in just six months from the past 54 months.
This noticeable decline in numbers is due to the decrease in sales and exports, as customers have become more cautious about their expenses, as shown by IHS.
