CAIRO – 6 January 2021: IHS Markit Egypt Purchasing Managers’ IndexTM (PMI) posted 48.2 in December, compared to 50.9 in November, recording a third consecutive monthly improvement. Notably, the downturn led to a build-up of excess inputs, with inventories rising at the strongest rate since June 2012. It added that employment cuts meanwhile accelerated to the fastest seen in four months, although increased hopes surrounding COVID-19 vaccines meant firms were more optimistic of a recovery during 2021. "The latest PMI data pointed to a downturn in the Egyptian non-oil economy at the end of the year, reflecting a slightly depressed market environment as domestic COVID-19 cases rose again. Purchasing activity was subsequently reduced sharply, while job numbers fell at the strongest rate since August.

Source: Egypt Today January 06, 2021 16:52 UTC