According to a recent survey, Egypt's non-oil private sector contracted for the 35th consecutive month in October, primarily due to inflation, supply chain disruptions, and difficulties accessing foreign currency.

The S&P Global Purchasing Managers' Index (PMI) decreased from 48.7 in September to 47.9, falling further below the 50.0 threshold that signifies a shift from growth to contraction, as reported by Reuters.

The Egypt PMI indicated the most significant decline in non-oil business conditions in five months in October, noted S&P Global economist David Owen.

A more rapid decrease in new business volumes and continued output weakness were observed, driven by supply shortages and inflation, prompting companies to reduce staffing and inventory levels for the first time since July.

The subindex for new orders dropped from 47.6 to 47.1, while the backlog index declined from 53.1 to 50.6, marking its lowest level since the PMI's inception in April 2012.

Survey participants pointed out persistent challenges in demand due to rising prices, currency devaluation, and supply disruptions, according to S&P Global.

On the positive side, the output subindex increased from 45.7 in September to 46.4, and the subindex for future output expectations reached 56.4, its highest level in ten months, up from 53.0 in September.