{"id":542598,"date":"2022-01-05T03:40:48","date_gmt":"2022-01-05T03:40:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/pmi-outlook-improves-but-remains-in-contraction-territory\/"},"modified":"2022-01-05T03:40:48","modified_gmt":"2022-01-05T03:40:48","slug":"pmi-outlook-improves-but-remains-in-contraction-territory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/pmi-outlook-improves-but-remains-in-contraction-territory\/","title":{"rendered":"PMI outlook improves, but remains in contraction territory"},"content":{"rendered":"

<\/a> Egypt\u2019s non-oil business activity \u201cinched closer to stabilisation\u201d in <\/strong>December, <\/strong>contracting at its slowest pace in four months, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf)<\/a>. An easing of inflationary pressures, increase in export revenues, and uptick in tourism supported new business, though subdued demand and lower output continued to weigh on firms, pushing the gauge up to 49.0 in December from 48.7 the previous month<\/a> \u2014 an improvement, but still below the 50.0 mark that separates expansion from contraction. This is the thirteenth consecutive month private sector activity has contracted.<\/p>\n

Input cost inflation saw its fastest slowdown in over three years<\/strong>, due to a softening of increases in purchasing costs and wages, according to the report. \u201cThe latest Egypt PMI gave increased confidence that inflationary pressures peaked earlier in the fourth quarter and are now beginning to soften,\u201d said David Owen<\/a>, IHS Markit economist.<\/p>\n

Weak demand and overall price hikes are still problematic:<\/strong> Price pressures were still strong overall, leading firms to mark up their selling prices. These higher rates were partly to blame for subdued customer demand. Business output and new orders fell for the fifth month running.<\/p>\n

Tourism and exports had a good month: <\/strong>New business was supported by an improvement in tourism activity and the sharpest rise in export orders since February, according to the report. Egypt\u2019s export revenues recorded a record<\/a>USD 31 bn in 2021, according to Prime Minister Moustafa Madbouly.<\/p>\n

Fewer jobs \u2014 though the hiring market shrank more slowly: <\/strong>Lower sales and a relatively mild rise in backlogs impacted hiring. However, the rate of job reduction was softer than the previous month and mostly driven by companies deciding not to replace employees who quit their jobs voluntarily, the report notes.<\/p>\n

Global supply chain issues still have a local impact.<\/strong> Delivery times lengthened for the second month in a row, with suppliers unable to mitigate global bottlenecks. The supply delays meant that inventories were depleted for the fifth consecutive month, despite an increase in purchasing activity as some businesses attempted to replenish their stock. However, supply chains overall deteriorated only slightly in December, and less so than in November.<\/p>\n

Omicron means businesses are still \u201cdownbeat\u201d on outlook<\/strong>, with business confidence recording only a fractional rise from November's one-year low, says the report. Only around 23% of companies gave a positive outlook, as hopes for recovery were dampened by concerns over omicron and price hikes.<\/p>\n

ELSEWHERE IN THE REGION-<\/strong> Saudi Arabia\u2019s non-oil private sector activity fell to a nine-month low<\/a> in December as omicron worries dented Saudi business confidence and new orders. The kingdom\u2019s PMI fell to 53.9 in December from 56.9 in November, reflecting a sharp slowdown in growth even as it continued to expand for the sixteenth consecutive month<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s non-oil business activity \u201cinched closer to stabilisation\u201d in December, contracting at its slowest pace in four months, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf). An easing of inflationary pressures, increase in export revenues, and uptick in tourism supported new business, though subdued demand and lower output continued to weigh on firms, pushing […]<\/p>\n","protected":false},"author":1,"featured_media":542599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,182,185,219,239,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","tag-pmi","tag-saudi-arabia","tag-supply-chain","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"a81bbd94-9969-4bd7-b797-d4036671396b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/76.jpg","photo_position":"above","related_issue":[542594],"teaser":"","voice_url":""},"yoast_head":"\nPMI outlook improves, but remains in contraction territory - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/pmi-outlook-improves-but-remains-in-contraction-territory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PMI outlook improves, but remains in contraction territory\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s non-oil business activity \u201cinched closer to stabilisation\u201d in December, contracting at its slowest pace in four months, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf). 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557079,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/egypts-private-sector-is-responding-to-rising-inflation-by-buying-a-lot\/","url_meta":{"origin":542598,"position":3},"title":"Egypt\u2019s private sector is responding to rising inflation by buying. A lot.","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector shrank again in August, but at a slower pace than in July: Business activity in Egypt\u2019s non-oil private sector contracted for the ninth straight month in August \u2014 but a record surge in corporate spending and a pick-up in demand softened the decline, according to IHS\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549909,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/","url_meta":{"origin":542598,"position":4},"title":"PMI is flat month on month, with private sector still in contraction territory","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector contracted at the same pace in September as it did in August, according to S&P Global\u2019s latest purchasing managers\u2019 index (pdf). The PMI index was flat month-on-month at 47.6, remaining below the 50.0 threshold that separates growth from contraction for the twenty-second consecutive month.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598867,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/egypts-non-oil-business-activity-falls-back-into-contraction-territory-in-may\/","url_meta":{"origin":542598,"position":5},"title":"Egypt\u2019s non-oil business activity falls back into contraction territory in May","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Non-oil business activity fell back into contraction territory in May: Non-oil business activity contracted in May after having expanded the previous month for the first time since August 2018. The latest purchasing managers\u2019 index fell to 48.2, down from 50.8 in April, signalling \"a moderate deterioration in the health of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1122.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542598"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542598\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542599"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542598"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542598"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}