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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Egypt Private Sector Activity Slides for 26th Month in Row

Egypt SP Global Inflation Economy
Egyptian vegetable and fruit seller waits for customers at a popular market in Cairo, Egypt, January 18, 2023. REUTERS/Hadeer Mahmoud

A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed on Sunday.

The S&P Global Egypt Purchasing Managers' Index (PMI) slipped to 45.5 in January from 47.2 in December, well below the 50.0 threshold that marks growth in activity.

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