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Because of supply chain problems, the private sector in Egypt is affected


Expressive image – Egyptian banknotes

A survey published today, Wednesday, showed that the activity of the non-oil private sector in Egypt contracted in October for the eleventh consecutive month, due to the slowdown in production due to global supply chain problems.

The IHS Markit Purchasing Managers’ Index fell to 48.7 points from 48.9 points in September 2021, i.e. below the 50 point level, which separates growth from contraction.

“There were growing concerns among companies that supply disruptions in the coming months could further limit the economic recovery, which has led to a significant decline in production forecasts from their record high in September,” IHS Markit said.

She added, “The difficulty of obtaining a wide range of raw materials and components has forced non-oil companies in Egypt to reduce their production levels.”

The sub-index for future production expectations fell sharply to 65 points from 85.7 points in September 2021, with supply chain issues appearing to have a significant impact on companies.

“The biggest concern for companies has been that high inflation will dampen demand and divert the economic recovery,” said David Owen, economist at IHS Markit.

The new orders sub-index fell to 48.7 points from 49.1 points in September 2021, while the production sub-index fell to 47.5 points from 48.9 points.

Source: Reuters

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