Egypt's non-oil private sector activity contracted at a far faster rate in March than in February as the coronavirus-induced economic slowdown spread across the globe, a survey showed on Sunday.
FILE PHOTO: People shop and visit Citystars Shopping Mall in Cairo, Egypt January 25, 2020. REUTERS/Amr Abdallah Dalsh
IHS Markit’s Purchasing Managers’ Index for the non-oil private sector came in at 44.2 last month, down from 47.1 in February and far below the 50.0 threshold that separates growth from contraction. “The global economy is notably reeling from the effect of the COVID-19 pandemic ... the Egyptian non-oil private sector was no exception,” said IHS Markit economist David Owen.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Italian services PMI plunges as national lockdown hammers activity - Business Insider'A taste of things to come': Italian services activity plunges to 11-year low as national lockdown weighs
Read more »
Exxon plays on virus worries in Baytown contract talks: union officialA union official said on Friday Exxon Mobil Corp is playing on economic uncertainty caused by the coronavirus pandemic in negotiations with workers at its Baytown, Texas, refinery.
Read more »
OPEC+ debates biggest ever cut as virus destroys oil demandOPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
Read more »
This recession will finally end the private-sector ‘debt supercycle,’ says firm that invented the term“The shock of the recession and destruction of wealth will leave a legacy of increased financial caution with households wanting to build precautionary savings and companies striving to repair damaged balance sheets,” says Martin Barnes, chief economist at BCA.
Read more »
In Communist-run Cuba, the private sector helps the needy as coronavirus spreadsUpmarket restaurants are delivering free meals to the elderly, while a fashion firm donates face masks. A business consultancy calls on its clients to donate hygiene products and artisanal soap shops gift their wares to low income households.
Read more »
Passengers from virus-hit ships start leaving FloridaPassengers from a virus-hit cruise ship and its sister vessel, also struck with a handful of cases, started heading home Friday from Florida, after being stranded at sea for days. The Zaandam, operated by Holland America Line, began its stranger-than-fiction journey on March 7 in Buenos Aires -- before
Read more »