Egypt's non-oil business activity contracts for 21st month in June

Egyptian non-oil private-sector
business activity contracted for the 21st consecutive month in June as output and new orders continued to decline, a survey
showed on Tuesday.

The Emirates NBD Egypt Purchasing Managers' Index (PMI) for the non-oil private sector dipped to 47.2 points in June from 47.3 points the previous month, the report showed, remaining
below the 50 mark that separates growth from contraction.
Egypt's economy has been struggling since a 2011 uprising,
but the government hopes recent reforms that are part of a $12
billionInternational Monetary Fund programme signed last year
will help put the country on the right track.
Output continued to decline for the 21st month in a row,
falling to 45.3 points in June from 46 points a month earlier as
demand remained low. New orders also fell, but at a slower pace.
New export orders continued to rise for the third month in a
row, the survey showed, suggesting demand has grown since the
central bank's decision to float the currency in November, as
part of the IMF deal.
The value of Egypt's pound has fallen by half since the
flotation, helping Egyptian exports find new international
markets.
"While the Egyptian economy remains under pressure, there
are further signs of stabilization as export orders rose for the
third straight month in June," said Khatija Haque, head of MENA
Research at Emirates NBD.