Egypt Devaluation Sends Business Conditions Into Deeper Declines
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Operating conditions in Egypt’s non-oil private sector economy deteriorated in November, as a dramatic devaluation of the pound forced businesses to cut output.
A Purchasing Managers’ Index compiled by S&P Global dropped to 45.4 last month from 47.7 in October, remaining below the 50 mark that separates growth from contraction. It was the second-lowest reading since June 2020.