CAIRO: Egypt’s private sector experienced a downturn in November due to rising costs and weaker demand, according to IHS Markit.
The Purchasing Managers' Index hit 48.7 in November, the 12th consecutive month in which the North African country’s in below 50.
Production levels in Egypt’s private sector were down in November. Output has now slipped for the third month in a row, the London-based firm said.
Following four months of jumps, employment was down during the month as new orders in the North African country declined.
“Inflationary pressures and supply shortages were again the most prominent depressors of Egypt’s non-oil economy in November,” David Owen, economist at IHS Markit, said.
Selling prices were on the rise as inflation rate fell marginally from its 38-month high in October. This prompted firms to mark-up their prices by over 10 percent to safeguard their profits