Egypt's non-oil business shrinks for 41st straight month, PMI shows
Egypt's non-oil private sector continued to shrink in April despite a $35 billion investment deal signed with the United Arab Emirates in February and an $8 billion IMF agreement in March, a survey showed on Wednesday.
The S&P Global Purchasing Managers' Index (PMI) for Egypt edged down to 47.4 in April from 47.6 in March, remaining below the 50.0 threshold that separates growth from contraction for a 41st consecutive month.
"Business activity once again fell markedly as firms commented on difficult market conditions, with the decline leading to a renewed drop in employment," S&P Global said.
The employment sub-index slipped to 49.7 in April from 50.8 in March.
Egypt signed an agreement with the International Monetary Fund on March 6, with an initial $820 million payout received in April and a second, $820 million payout expected after an IMF review in June.