04.12.201723:52:00UTC+00Egypt Non-Oil Private Sector Returns To Growth In November

Egypt's non-oil private sector activity expanded for the first time in just over two years in November, survey data from IHS Markit showed Tuesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, rose to 50.7 in November from 48.4 in October.

Any reading below 50 suggests contraction, while a score above 50 indicates expansion in the sector.

Renewed growth of output, new orders and stocks of purchases all contributed to the latest improvement in business conditions.

Moreover, foreign demand for Egyptian-produced goods and services reached a record high.

On the price front, rates of both input cost and output price inflation moderated in November.

"Strong sentiment towards future prospects chimes with our view that the Egyptian economy will continue to strengthen over the coming quarters," Daniel Richards, MENA Economist at Emirates NBD, said.