Saudi grocer Othaim sales dip a year on from panic buying supermarket sweep

Saudi grocer Othaim sales dip a year on from panic buying supermarket sweep
Saudi grocer Othaim sales dip a year on from panic buying supermarket sweep

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Jeddah - Yasmine El Tohamy - RIYADH: Egypt’s non-oil private sector economic conditions worsened in April by the most since June 2020, according to IHS Markit.

The Egypt Purchasing Managers’ Index (PMI) fell to 47.7 in April from 48.0 in March, its fifth consecutive month below the 50 mark that separates expansion from contraction, IHS Market said.

Sub-indexes showed declines in output, new orders and employment as rising global raw material costs pushed inflation to the fastest pace since September 2019.

The level of new export orders received by Egyptian companies increased strongly during April, which purchasing managers attributed to an improvement in activity across foreign markets.

However, expectations for future output fell significantly in April, as a rise in domestic coronavirus cases and concerns about financial liquidity damped optimism, IHS Markit said.

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