CAIRO: Egypt’s non-oil private sector registered the slowest growth rate in four months in November, the results of an HSCB survey showed Thursday.
The survey revealed that Egypt’s Purchasing Managers’ Index (PMI) registered 50.7 points in November, 51 percent lower than in the previous month.
“Non-oil private sector output in Egypt increased for the fourth month running in November, but the rate of expansion eased to only a fractional pace. New order growth also slowed since the previous month,” read the report.
HSBC explained that weaker foreign demand was a key reason behind weaker expansion in new business as new export orders fell for the first time since July. A relatively stable economic and political environment was meanwhile mentioned by survey participants as a factor supporting overall new business growth.
Commenting on the survey, Simon Williams, Chief Economist for the Middle East at HSBC said in a Thursday press statement “another month with the PMI running above 50 provides further evidence that the Egyptian economy is stabilizing.”
He added, “There is a raft of difficult policy issues still to address, but we continue to look for a pick-up in growth in the year ahead.”