Egypt's non-oil business activity slows for sixth month in a row

Business activity in Egypt shrank for the sixth straight month in March, a survey showed on Wednesday, as declines in new orders and output caused the

biggest contraction in the survey in over two and a half years. Egypt has been struggling to revive its economy since a popular uprising in 2011 and subsequent political upheaval that have driven both investors and tourists away, depriving it of the foreign currency it needs to import raw materials.

The Emirates NBD Egypt Purchasing Managers Index (PMI) for the non-oil private sector fell to 44.5 points in March from 48.1 points in February, remaining below the 50-point mark that separates growth from contraction.

Egypt's central bank had devalued the pound to 8.85 per dollar from 7.73 on March 14 and announced it would pursue a more flexible exchange rate. It later strengthened the pound to 8.78 per dollar. Economists say the pound is still over-valued.