Business activity in Egypt shrank in November, with the deterioration picking up pace for the fourth consecutive month, as weakness in the pound currency raised costs and hit output, a survey showed on Monday. The Emirates NBD Egypt Purchasing Managers' Index (PMI) for Egypt's non-oil private sector dropped to a 40-month low of 41.8 in November, edging down from 42 in October and far below the 50 mark that separates growth from contraction. "In this environment, it is crucial that authorities remain committed to their IMF-supported reform program in order to anchor investor confidence." The PMI showed purchasing prices continued to rise in November to their highest levels since data collection started, as the currency depreciated against the dollar and the government raised fuel prices. As companies sought to curb rising costs, rate of employment fell for the 18th consecutive month in November to 45.1 compared with 46.2 in October, data from the survey showed.

Source: Egypt Independent December 05, 2016 11:55 UTC