Non-oil private sector activity in Egypt fell for the 21st month in a row in August, with firms seeing a grim year ahead due to fears about the currency, Ukraine, and import constraints, according to a poll released on Monday.
“Businesses expressed scant optimism about future activity, with forecasts falling to the second-lowest level on record,” said S&P Global analyst David Owen. According to S&P Global, “there were concerns that a scarcity of raw material supply had hampered total output in August, worsened by recent import limitations and the crisis in Ukraine.
” The subindex for future output estimates declined to 53.5 from 56. 1 in July, close to an all-time low of 52. 5% in March and the second lowest in the decade since the topic was added to the survey.