Egypt struggles as non-oil business activities shrink

Business activity in Egypt shrank for the 16th consecutive month in January as record-high inflation pushed up prices charged by businesses and sent employment to a four-month low, a survey showed.

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector registered 43.3 points, well below the 50 mark that separates growth from contraction. The index showed new orders dropping but at a slower pace of 39.2 points compared with 38 in December as inflation soared and the Egyptian pound weakened against the dollar.