Continued Contraction of Non-Oil Activity in Egypt

A survey released today, Wednesday, indicates that non-oil private sector activity in Egypt has contracted for the twenty-ninth consecutive month in April, amid ongoing restrictions on imports and currency and rising prices. The Purchasing Managers' Index (PMI) for Egypt, published by S&P Global, improved to 47.3 in April compared to 46.7 in March, but it remains below the fifty-point level, which indicates growth in activity.