Egypt's non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday.
The S&P Global Egypt Purchasing Managers' Index slid to 45.4 in November from 47.7 in October, well below the 50.0 threshold that separates growth from contraction.
"Central to the downturn was a rapid decrease in business activity, as survey panellists reported that accelerated cost rises and falling new orders forced them to cut output," S&P Global said. "The pound's depreciation against the US dollar led to a marked increase in prices paid for raw materials, which have already been exacerbated by import restrictions since early-2022," said S&P Global economist David Owen.
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