September PMIs show Egypt contracting as Saudi Arabia and UAE growth accelerates

S&P Global's September purchasing managers' indexes showed Egypt's non-oil private sector deepening its contraction while Saudi Arabia and the UAE recorded strong growth.

• Egypt's seasonally adjusted PMI fell to 47.2 in September from 49.6 in August, with production and new orders declining at a faster pace.
• The UAE's PMI held at 55.3, unchanged from August, with output growth at a seven-month high and selling prices rising fastest since May 2011.
• Saudi Arabia's PMI rose to 55.3 from 53.8, the fastest non-oil growth since February, while new foreign orders fell for a seventh straight month.
• S&P Global chief economist David Owen said Egyptian firms remain optimistic about output over the next 12 months despite economic challenges.