Egypt's non-oil activity shrinks in October as inflation, supply shortages bite -PMI
© Reuters. FILE PHOTO: A woman shops at a market in Cairo, Egypt, October 9, 2023. REUTERS/Mohamed Abd El Ghany/File Photo
The S&P Global Purchasing Managers' Index fell to 47.9 from 48.7 in September, sliding further below the 50.0 threshold that separates growth from contraction. "A faster decline in new business volumes and sustained weakness in output were recorded as supply shortages and inflation continued to bite, leading companies to make their first reductions in staffing and stock levels since July."
"Survey panellists highlighted sustained headwinds to demand from rising prices, currency weakness and supply problems," S&P Global said.
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