Egypt struggles as non-oil business activities shrink
NEWS
By Reuters
| Feb 6th 2017 | 1 min read
NEWS
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.
RELATED VIDEOS
Ghana to miss growth targets, deficit reduction
Ghana will miss its 2016 targets on growth, fiscal deficit reduction and its primary balance. It, however, intends to restore fiscal discipline and eliminate over expenditure, Finance Minister Ken Ofori-Atta has said.China rejected Kenya's request for Sh32.8b debt moratorium
China is Kenya’s largest bilateral lender with an outstanding debt of Sh692 billion.MOST READ

- Curtains fall on one of East Africa's oldest fast food restaurants
ENTERPRISE
- The making of a Sh2b healthcare start-up
ENTERPRISE
- Safaricom senior officer Kris Senanu quits telco
BUSINESS
By Betty Njeru
- Managing Gen Z at the workplace
WORK LIFE
By Tony Mbaya
- Nyeri hoteliers face lean times as iconic White Rhino faces auction
BUSINESS