Egypt's non-oil business sector activity stabilizes in Jan

Egypt's non-oil private sector business activity stabilised in January after a slump the previous month, with an overall positive outlook thanks to tough economic reforms, a survey showed.

The Emirates NBD Egypt Purchasing Managers' Index (PMI) for the non-oil private sector rose to 49.9 in January from 48.3 in December, remaining just below the 50 mark than separates growth from contraction.

"While Egypt's headline PMI reading remained just shy of the 50.0 neutral mark in January, the signs are encouraging as we begin 2018," Daniel Richards, MENA Economist at Emirates NBD, said.

"A pick-up in new export orders in particular stands as an indication that the difficult economic reforms enacted in late 2016 are starting to pay off," he said.