Egypt's non-oil private sector activity contracted at a far faster rate in March than in February as the coronavirus-induced economic slowdown spread across the globe, a survey showed on Sunday.
FILE PHOTO: People shop and visit Citystars Shopping Mall in Cairo, Egypt January 25, 2020. REUTERS/Amr Abdallah Dalsh
IHS Markit’s Purchasing Managers’ Index for the non-oil private sector came in at 44.2 last month, down from 47.1 in February and far below the 50.0 threshold that separates growth from contraction. “The global economy is notably reeling from the effect of the COVID-19 pandemic ... the Egyptian non-oil private sector was no exception,” said IHS Markit economist David Owen.
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