Egyptian Economy Displays Damage From Inflationary Pressure

A measure of Egypt’s non-oil economy dropped to the lowest in 21 months as inflationary pressures made worse by Russia’s invasion of Ukraine as well as a weaker currency led to sharp decreases in output and new orders.

Companies reduced job numbers for the fifth month in a row and business confidence fell to a record in March as Egypt contends with the surging cost of energy, food and raw materials, according to a survey of purchasing managers by S&P Global.