Business activity expands in June for first time in five months

Business activity in Egypt's private sector excluding oil grew slightly in June, ending five months of contraction, though inflation and currency depreciation remain a concern, a survey showed on Sunday.

The Emirates NBD Egypt Purchasing Managers' Index rose to 50.2 in June from 49.9 the previous month. A reading above 50 indicates expansion and below 50, contraction.

"June's PMI reading fits well with our view that the Egyptian economy should gradually pick up momentum heading into the second half of 2015," Jean-Paul Pigat, economist at Emirates NBD, said.

"However, the survey also shows business activity and job creation remaining relatively tepid."