Egypt's non-oil private sector contracted at a faster pace in September as output and new orders fell sharply amid inflation and geopolitical disruptions, a business survey showed on Monday, Reuters reported. * The seasonally adjusted S&P Global Egypt Purchasing Managers' Index (PMI) fell to 47.2 in September from 49.6 in August, a survey by S&P Global showed. The 50-mark separates growth from contraction. * Output and new business both declined at faster rates in September. Firms cited weaker market conditions, ongoing geopolitical disruptions and strong inflationary pressures. * Export sales also fell, though at a marginal pace that was the joint-slowest in the current seven-month decline. * Employment rose for a second straight month, the first back-to-back increase in staffing in more than a year, although the pace slowed from August and remained slight. * Output price inflation eased slightly from August but remained steep and well above the historical trend, while input cost inflation rose to a three-month high. * The survey said firms remained optimistic that output would rise over the coming 12 months. * "All this suggests that Egyptian firms remain hopeful about the future in spite of the economic challenges they face," said David Owen, Principal Economist at S&P Global Market Intelligence.
