The pace of decline in the operating conditions of Egypt's non-oil businesses softened in April due to a slower fall in demand and easing inflationary pressures, a business survey revealed on Monday. The index rose from 46.7 in March to its highest since October last year, signalling that business conditions declined to a lesser extent. The PMI survey pointed towards notable contractions in activity and sales across the non-oil economy. Indeed, new orders fell at the softest pace for four months, although still markedly overall," he added. Businesses noted that the path for future activity was still highly uncertain due to weak demand both domestically and abroad, and high price levels.

Source: The North Africa Journal May 03, 2023 06:37 UTC