Egypt's non-oil business sector activity falls slightly in Feb

Egypt's non-oil private sector business activity contracted again in February although an expansion in new orders suggested a pick up may be on the way, a survey showed on Monday.

The Emirates NBD Egypt Purchasing Managers' Index (PMI) for the non-oil private sector fell to 49.7 from January's reading of 49.9, still below the 50 mark that separates growth from contraction.

"Although Egypt's Emirates NBD Purchasing Managers' Index remained stubbornly just below the neutral 50.0 mark in February, at 49.7, the data remains upbeat in comparison to recent annual averages," said Daniel Richards, MENA Economist at Emirates NBD.