Egyptian PMI holds at 47.2 in October
Egypt's PMI stayed at 47.2 in October, below 50 for a tenth month, with output and new orders falling at their fastest pace in four months.
The S&P Global Egypt PMI remained at 47.2 in October, staying below the 50.0 level that separates growth from contraction for a tenth consecutive month.
Output and new orders declined at their fastest pace in four months, signalling increasing weakness in non-oil private sector activity.
Employment returned to decline, and business confidence fell to its lowest level in seven months.
Input price inflation recorded its highest level in five months, while the Central Bank of Egypt raised interest rates by 100 basis points last week after the survey closed.
What do these terms mean?
Purchasing Managers' Index (PMI): A monthly survey of company managers measuring output, orders and employment activity; a reading above 50 indicates expansion and below it contraction.
Basis point: A small unit for measuring changes in interest rates; 100 basis points equal one percent.
Input inflation: A rise in the prices of materials and costs companies need for production, often reflected in final product prices.
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