And after he testified Production First expansion in three years In August, production and new orders fell at the fastest rates since April
Despite the simultaneous decline in confidence regarding future expectations, PMI data for non-oil activity indicated Egypt There was a continued improvement in purchasing and employment levels in September.
The expansion of trading capabilities indicated that some companies remain optimistic about a recovery in economic conditions.
The main index recorded 48.8 points in September, below the neutral level of 50.0 points, indicating a modest decline in business conditions in non-oil private sector companies. The reading was the weakest since April, after August witnessed the first growth (50.4 points) since November 2020.
She pointed out Non-oil producing companies There was a strong decline in its activity levels in the last study period, which represents a decline from the first increase recorded in three years in August.
And I tied Companies Participation in the study This decline was primarily due to lower demand from customers, as the pace of decline in new business accelerated to the fastest level in five months.
Many companies pointed to the difficult economic conditions and high prices, with weak demand resulting mainly from local markets, as new orders coming from abroad witnessed an increase for the fifth month in a row.
The rise in production prices is largely due to the acceleration Inflation In the costs of production inputs during the third quarter.
In fact, September saw input prices rise at the fastest pace since March, with many companies reporting higher raw material costs and a weaker currency. Selling prices rose strongly in response, although the pace of increase was less severe than in August.
At the same time, data indicated Egypt Purchasing Managers Index To further expansion in production capabilities monitored by the study, as employment numbers rose for the third month in a row, especially in the construction and wholesale and retail sectors.
