CanSino to start Phase III trial of COVID-19 vaccine in Saudi    Trump signs measure to provide extra $400 for unemployed Americans    School year 2020-2021 to kick off 17 October in Egypt: Minister of education    Egypt parliament committee approves allowing ministry to change studying systems 'whenever necessary'    After Microsoft known intentions, Twitter expressed interest in buying TikTok's U.S. operations    Africa's new cases of COVID-19 top 1 million    Macron tells donor conference: 'Lebanon's future is at stake'    Bayern would have to do lots of things badly to lose to Barca, says Matthaus    Egypt puts in place scheme ahead of Senate elections – ministry    EFA has no intention of halting PCR tests ahead of league games, says medical committee boss    EBRD approves a $50 mn long-term loan to finance a wind power plant in Suez    FinMin garners EGP 30 bn in back taxes after settling 30k tax disputes    Egypt sends second batch of aid to Lebanon after Beiru's deadly blast    Saudi Aramco half-year profits plunge 50% from virus impact    Egypt's Amer calls for huge IMF, World Bank rescue package for Africa    Live score: Ahly v Enppi (Egyptian Premier League)    Esper: US will cut troop levels in Afghanistan to 'less than 5,000'    3 days of heavy monsoon rains kill 50 people across Pakistan    Egypt's new coronavirus cases tick up recording 167 on Saturday    Shooting heard at scene of demonstrations in central Beirut    Egyptian expats to vote for Senate elections by mail starting Sunday    Egypt records 141 new coronavirus cases, 20 deaths on Friday    Lebanon navigates food challenge with no grain silo and few stocks    Egypt's net foreign reserves edge up to $38.315 bln in July: Central Bank    Call for submissions for Egypt's 'Golden Talent' competition for people with special needs    South Africa calls for 'amicable solution' for GERD    Egypt rejects Ethiopia's latest proposal on GERD: Irrigation ministry    Don't miss the concerts of Boghdady Jazz Big band    My visual diary    African Champions League final will be played on Oct. 16-17, CAF says    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    Sisi: Egypt favours negotiations over a military solution to resolve Nile dam crisis: Al-Sisi    No room to delay Egyptian Premier League games – EFA's board member    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    Farwell to 74-year old Egyptian military production minister El-Assar    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





PMI: Egypt's non-oil private sector activity at its slowest rate in Jun
Published in Amwal Al Ghad on 06 - 07 - 2020

Egypt's non-oil private sector activity contracted in June at its slowest rate since the coronavirus hit the economy in March, but remained in sharp drop, a survey showed on Monday.
IHS Markit's Purchasing Managers' Index (PMI) for the non-oil private sector came in at 44.6 in June, up from 40.7 in May but still far below the 50.0 threshold that separates growth from contraction.
Private non-oil activity declined every month since July 2019. "While signalling a sharp decline in business conditions, (June's figure) was the highest seen in four months," IHS Markit said.
The June figure was well above the 29.7 recorded in April when the pandemic was at its height, which was its worst reading in a decade. However, it was still below the 47.1 recorded in February before the outbreak began.
The government all but shut down Egyptian tourism, which it says accounts for about 5 percent of the economy, when it suspended scheduled flights on March 19. Analysts said including indirect jobs and spending as well as investment, tourism may account for as much as 15 percent of the economy.
The government restarted international flights and reopened major tourist attractions including the Great Pyramids of Giza on July 1. Restaurants and cafes have also been allowed to reopen. "Sub-indices for output and new orders also rose to four-month highs in June," IHS Markit added.
"Despite still pointing to marked downturns in activity and demand across Egypt's non-oil private sector, the rate of contraction softened considerably from the previous month."
The output sub-index improved to 42.7 from 36.0 in May, while new orders came in at 41.7 compared to May's 36.1.
"Firms sourcing medical equipment and other raw materials saw a sharp uptick in purchase prices in June, which led to a renewed rise in cost burdens across the non-oil private sector," IHS Markit economist David Owens said. "As a result, wages were reduced for the third month in a row," he said.


Clic here to read the story from its source.