Egypt’s non-oil private sector extends contraction in April: HSBC

Egypt’s non-oil private sector post a further deterioration in business conditions for a fourth straight month at April-end, as input costs and output charges continued to rise, HSBC announced in a survey released Tuesday.

The HSBC Egypt Purchasing Managers Index (PMI) hit 49.8 points in April, fractionally up from 49.8 points in March, and signaling a “further deterioration,” albeit the slowest in the four-month slip.

Readings above 50.0 reflect an improvement in business conditions, while a breach below this level marks a deteriorating business. The sector recorded a 17-month low of 46.8 at February-end.