Egypt Non-oil Private Sector Activity Flat In February Activity in Egypts non-oil producing private sector remained flat in February, following a contraction at the start of the year, survey data from Markit Economics showed Tuesday. The HSBC Purchasing Managers Index climbed to the boom-or-bust line of 50 from Januarys 48.7. The increase was driven by gains in output and new orders. Firms attributed the new business growth to the relatively stable conditions in the country. However, export demand declined for the first time in four months, partly due to unusual bad weather in destinations and shipping problems. Companies cut staff at the steepest rate since last September. They attributed the decline to the search for better job opportunities and the retirement of employees. Input price inflation was the slowest in four months, while wage inflation edged up to a four-month high, mainly due to the introduction of minimum wage. Output costs were broadly unchanged.
Posted on: Tue, 04 Mar 2014 06:48:38 +0000
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