Egypt’s Non-Oil Economy Contracts for Fourth Month, Survey Shows

Egypt’s non-oil private industries contracted for the fourth month in a row though the pace of deterioration slowed amid signs of improved demand, a survey released on Tuesday showed.

The HSBC Purchasing Managers’ Index for the whole economy rose to 49.8 from 49.6 in March. Readings above 50 signal expansion while those below indicate contraction. Egypt’s index has stayed below 50 since the start of the year.