Egypt's private sector activity declined slightly in March, as output grew marginally, while orders declined for a second straight month amid fragile political and economic conditions.
The HSBC Egypt Purchasing Managers' Index dropped to 49.8 from 50 in February, Markit Economics said Thursday. Readings below 50 indicates contraction in the sector, according to RTT News.
Despite weaker conditions, the rate of job cuts in the private sector eased to an 18-month low.
Input price inflation was the highest in eight months, while output prices fell after two months of gains.
"Evidence of stabilisation is welcome, but after three years of such heavy economic losses it's not enough," HSBC Chief Economist for the Middle East Simon Williams said.
"The weak readings for output, new orders and employment point to an economy that continues to drift."
The HSBC Egypt Purchasing Managers' Index dropped to 49.8 from 50 in February, Markit Economics said Thursday. Readings below 50 indicates contraction in the sector, according to RTT News.
Despite weaker conditions, the rate of job cuts in the private sector eased to an 18-month low.
Input price inflation was the highest in eight months, while output prices fell after two months of gains.
"Evidence of stabilisation is welcome, but after three years of such heavy economic losses it's not enough," HSBC Chief Economist for the Middle East Simon Williams said.
"The weak readings for output, new orders and employment point to an economy that continues to drift."
Source:
Mubasher
