Egypt's non-oil business activity contraction slows slightly

Egypt's non-oil private sector business activity shrank in August at the slowest pace since July last year amid a decline in new orders and a jump in exports, a survey showed on Wednesday.
The Emirates NBD Egypt Purchasing Managers' Index (PMI) for the non-oil private sector rose to 48.9 in August from 48.6 a month before but remained below the 50 mark that separates growth from contraction.
Output continued to decline in August, but improved from the previous month, with the related subindex standing at 48.8, compared with 47 in July, the survey showed.
New orders declined in August, reaching 49.5 from 50 the previous month, when it briefly ended a 21-month trend of decline.
For the fifth month in a row, new exports rose, with the subindex climbing to 53.7 from 50.3 in July, as the Egyptian pound remained weak.
Egyptian exports have gained new markets since the central bank liberalized the exchange rate in November as part of a $12 billion International Monetary Fund reform programme. The pound has lost half its value since the float.