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Egypt struggles as non-oil business activities shrink

NEWS
By Reuters | February 6th 2017

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.

Egypt has contended with a shortage of dollars that has made its black market the primary source of hard currency since a 2011 uprising scared off foreign investors and tourists, key sources of hard currency.

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