Egypt: Business slows at most rapid pace since 2013
Date
12/8/2015 7:16:39 AM
(MENAFN- The Journal Of Turkish Weekly) Business conditions in Egypt worsened in November dropping at the quickest pace in more than two years according to a survey of purchasing managers released on Tuesday.
The survey – conducted for the Emirates NBD bank – showed that Egypt Purchasing Managers’ Index (PMI) dropped to 45 points in November down from 47.2 points one month earlier.
Readings below 50 in a PMI survey indicate that the economy is slowing down.
The monthly poll found that business conditions in Egypt’s non-oil private sector further deteriorated in November. The sector has now contracted in eight out of 11 months so far in 2015 the survey showed.
The survey went on to show that both output and new business creation fell sharply in the month.
It was the worst contraction since September 2013 two months following the ouster of elected President Mohamed Morsi the survey revealed.
“Moreover the sector was weighed down by record declines in employment and stocks of purchases” the report said.
The survey also found that staffing levels fell with job shedding reported at the fastest level since Egypt’s PMI was launched in 2012.
“In fact the rate of job shedding accelerated for the third straight month to the fastest in the series' history” the survey said.
The Egyptian economy has faltered since the military deposed Morsi the country’s first freely elected president in 2013.
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