Egypt private sector shrinks in November after devaluation

Egypt’s non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday.

The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 in October, well below the 50.0 threshold that separates growth from contraction.

It was the second lowest reading since the pandemic dragged the index down in June, 2020, and the 24th consecutive month of contraction.