Egypt’s non-oil private sector economy strengthened further in August, as new export orders and output continued to grow while the job market expanded at a record rate, according to a new companies’ survey. The Emirates NBD Egypt Purchasing Managers’ Index rose to 50.5 last month from 50.3 recorded in July, the second consecutive monthly increase registered since September 2015.
Readings above the 50-mark indicate growth in the economy and below 50 signal contraction. The index is a composite indicator designed to give an overview of operating conditions in the non-oil private sector economy.
The survey is sponsored by Dubai’s biggest lender, Emirates NBD, and produced by IHS Market. Egyptian non-oil private sector is “beginning to see the protracted recovery we had projected would take hold in the new fiscal year,” said Daniel Richards, Middle East and North Africa Economist at Emirates NBD. In response to greater inflows of new work, firms raised their staffing levels during August, ending a 38-month sequence of job shedding.
The rate of employment growth was the most pronounced since the inception of the survey in April 2011. Source: The National