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Reuters: Egypt's non-oil business activity grows in April for 2nd time in 31 months

New export orders grew further, widening the current period of expansion in exports to four months, the survey showed.
03.05.18 | Interesting article at Reuters

Egypt’s non-oil private sector activity expanded in April for only the second time in 31 months, with output holding steady new export orders growing more, ending four months of deterioration, a survey showed on Thursday.

The Emirates NBD Egypt Purchasing Manager’s Index (PMI) for the private sector excluding the oil industry rose to 50.1 in April from 49.2 in March, putting it just above the 50 mark that separates growth from contraction.

The PMI “broached the 50.0 level for only the second time in 31 months in April, indicating that the non-oil private sector is finally starting to contribute to the positive growth story underway in the country,” Daniel Richards, MENA Economist at Emirates NBD, said.

New export orders grew further, widening the current period of expansion in exports to four months, the survey showed. This appeared to be linked to stronger international demand for Egyptian goods and services.