Egypt's non-oil private sector activity shrank for the 28th straight month in March as import and currency restrictions and rising inflation continued to hurt business, a survey showed on Tuesday.
The S&P Global Egypt Purchasing Managers' Index edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity.
Egypt remains short of foreign currency despite the Egyptian pound depreciating by half since March 2022 and its signing of a $3 billion support package with the International Monetary Fund in December. The PMI's sub-index for overall input prices inched up to 62.8 from February's 62.7, and that for purchase prices climbed to 64.3 from 63.9.
The new orders sub-index fell to 44.3 in March from 44.7 in February, while that for output strengthened to 44.9 from 44.6.
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