{"id":547012,"date":"2022-06-06T04:08:48","date_gmt":"2022-06-06T04:08:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/"},"modified":"2022-06-06T04:08:48","modified_gmt":"2022-06-06T04:08:48","slug":"business-conditions-decline-in-may-on-inflation-worries","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/","title":{"rendered":"Business conditions decline in May on inflation worries"},"content":{"rendered":"

<\/a> Activity in Egypt\u2019s non-oil private sector declined for the 18th month in a row in <\/strong>May<\/strong> as inflation continued to weigh on demand, according to the S&P Global purchasing managers\u2019 index survey (pdf)<\/a>. Business activity contracted at a slightly slower pace during the month, with the index inching up to 47.0 from 46.9 in April<\/a>, remaining below the 50.0 mark that separates expansion from contraction.<\/p>\n

New orders hit near two-year low:<\/strong> Input cost inflation rose at its quickest rate in six months due to rising commodity prices, a strengthening USD, and import restrictions, S&P Global said. This contributed to new orders falling to their lowest level since June 2020.<\/p>\n

New import restrictions didn\u2019t help:<\/strong> The requirement to use letters of credit<\/a> (L\/Cs) and the banning of some foreign goods due to certification issues tightened supply for some firms and caused customs delays. Suppliers\u2019 delivery times deteriorated for the seventh consecutive month.<\/p>\n

REMEMBER-<\/strong> Manufacturers, wholesalers, and importers of production inputs were exempted<\/a> from the L\/Cs requirement in early May.<\/p>\n

Firms continued to cut back on staff but at a lesser rate than in April<\/strong>, which saw the biggest fall in employment in a year.<\/p>\n

All of this caused sentiment to hit its second-lowest level on record:<\/strong> \u201cWhile businesses remained on balance positive that output will rise over the next 12 months, there were increased concerns that inflationary pressures will limit growth,\u201d S&P wrote.<\/p>\n

The international press is taking note:<\/strong> Reuters<\/a> | Bloomberg<\/a>.<\/p>\n

ELSEWHERE IN THE REGION- <\/strong><\/p>\n

Business activity in Saudi Arabia\u2019s non-oil private sector <\/strong>continued to grow in May<\/strong>, recording 55.7 for the second consecutive month, according to the country\u2019s PMI (pdf)<\/a>. Backlogs saw their first increase since January 2020 amid constrained supply, while selling prices rose as businesses passed on higher input costs to clients.<\/p>\n

Non-oil business in the UAE hit a five-month high in May<\/strong>, with the country\u2019s PMI<\/a>(pdf)<\/a> recording 55.6, up from 54.6 in April. New orders and employment were both up, though backlogs began to build as businesses struggled to keep up with high demand and input cost inflation hit a 3.5-year high.<\/p>\n","protected":false},"excerpt":{"rendered":"

Activity in Egypt\u2019s non-oil private sector declined for the 18th month in a row in May as inflation continued to weigh on demand, according to the S&P Global purchasing managers\u2019 index survey (pdf). Business activity contracted at a slightly slower pace during the month, with the index inching up to 47.0 from 46.9 in April, […]<\/p>\n","protected":false},"author":1,"featured_media":547013,"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":[104,72,182,1415,185,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","tag-l-cs","tag-pmi","tag-trade","wpautop","entry"],"acf":{"mongo_id":"ad51f2da-3fef-4dd6-a3a7-6188c4fbede5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/153.jpg","photo_position":"above","related_issue":[547004],"teaser":"","voice_url":""},"yoast_head":"\nBusiness conditions decline in May on inflation worries - 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\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business conditions decline in May on inflation worries\" \/>\n<meta property=\"og:description\" content=\"Activity in Egypt\u2019s non-oil private sector declined for the 18th month in a row in May as inflation continued to weigh on demand, according to the S&P Global purchasing managers\u2019 index survey (pdf). 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Output and new orders inched higher for the second consecutive month from June's lows as clients\u2019 spending constraints began to relax.\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\/9\/126.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581069,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january\/","url_meta":{"origin":547012,"position":2},"title":"EGP devaluation pushes private sector into sharper decline in January","author":"enterpriseam admin","date":"6 February 2023","format":false,"excerpt":"Egypt\u2019s non-oil private sector contracts for the 26th consecutive month.","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\/2023\/2\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548342,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/","url_meta":{"origin":547012,"position":3},"title":"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract at a rapid pace in July as high inflation weighed on demand and output, according to the S&P Global purchasing managers\u2019 index (pdf). Business activity fell at a slightly slower pace during the month amid signs of softening inflation, though the\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\/8\/144.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577804,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/private-sector-contraction-deepens-following-egp-devaluation\/","url_meta":{"origin":547012,"position":4},"title":"Private-sector contraction deepens following EGP devaluation","author":"enterpriseam admin","date":"6 December 2022","format":false,"excerpt":"Private sector activity takes a hit following devaluation: The contraction in Egypt\u2019s private sector deepened in November as the depreciation of the EGP triggered a surge in inflation, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index fell to 45.4 from 47.7 in October, falling further below the\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\/12\/89.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578599,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/private-sector-contracts-for-25th-consecutive-month\/","url_meta":{"origin":547012,"position":5},"title":"Private sector contracts for 25th consecutive month","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Private sector ends the year with softer contraction: Business activity in Egypt\u2019s non-oil private sector contracted for the 25th consecutive month in December, albeit at a softer pace, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI reading rose to 47.2 in December from 45.4 a month earlier, but\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\/2023\/1\/88.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\/547012","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=547012"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547012\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547013"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547012"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547012"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}