{"id":566943,"date":"2020-01-08T04:20:46","date_gmt":"2020-01-08T04:20:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/egypts-non-oil-business-activity-inches-up-in-december-remains-in-contraction-territory\/"},"modified":"2020-01-08T04:20:46","modified_gmt":"2020-01-08T04:20:46","slug":"egypts-non-oil-business-activity-inches-up-in-december-remains-in-contraction-territory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/egypts-non-oil-business-activity-inches-up-in-december-remains-in-contraction-territory\/","title":{"rendered":"Egypt\u2019s non-oil business activity inches up in December, remains in contraction territory"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Non-oil business activity improves slightly in December, but it\u2019s still in contraction<\/strong><strong> territory:<\/strong> Egypt\u2019s non-oil private sector continued to contract in December, albeit at a slightly slower rate than November, which saw the lowest level of private sector business activity in two years, according to the <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/7b6171379bc047cc8a881bcbb5189514\">Markit \/ Emirates NBD purchasing managers index (PMI) (pdf)<\/a>. The PMI gauge inched up to 48.2 in December from 47.9 in November, indicating a slight m-o-m improvement. A reading above 50.0 indicates that activity is expanding, while a reading below that mark means it is contracting. Egypt\u2019s PMI expanded only twice in 2019.<\/p>\n<p><strong>Despite the softer m-o-m downturn, \u201cheadwinds remain on the external front, with new export orders falling<\/strong> at the steepest rate in over three years,\u201d said David Owens, economist at IHS Markit. Output levels and new orders both dropped during the month on the back of \u201csubdued\u201d market conditions that panelists say persisted throughout the year. Some firms also reported liquidity issues having an effect on output levels.<\/p>\n<p><strong>Companies cut jobs for the second month in a row:<\/strong> The decrease in December\u2019s employment figures was also sharper than in November. Some firms simply did not replace voluntary leavers, while other firms actively reduced their labor force due to low orders.<\/p>\n<p><strong>Demand from foreign clients was particularly hard-hit during the month<\/strong>, as a \u201cdifficult trade climate\u201d pushed it to fall at the steepest rate in three years<\/p>\n<p><strong>The bright spot \u2014 EGP rally curbs input cost inflation:<\/strong> The strengthening of the EGP over the past several weeks drove down input cost inflation as firms were able to import raw materials at lower costs. \u201cCompanies have responded with solid reductions in output charges during the past two months, which may help to boost sales in the near future,\u201d Owens said. Respondents said they hope the discounts will drive up sales volumes over the next few months. \u201cUpcoming PMI releases will show whether the non-oil sector can be swiftly reinvigorated.\u201d<\/p>\n<p><strong>Business sentiment for 2020 was higher than the average in 2019<\/strong>, as respondents remain optimistic that a rebound in activity \u2014 buoyed by a strengthening EGP and the opening of new branches \u2014 is in the cards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-oil business activity improves slightly in December, but it\u2019s still in contraction territory: Egypt\u2019s non-oil private sector continued to contract in December, albeit at a slightly slower rate than November, which saw the lowest level of private sector business activity in two years, according to the Markit \/ Emirates NBD purchasing managers index (PMI) (pdf). [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":566944,"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":[8572],"tags":[72,7196,185,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-industry","tag-pmi","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3549a01e-e9aa-4143-a349-f161cdbaac43","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/535.jpg","photo_position":"above","related_issue":[566938],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s non-oil business activity inches up in December, 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\/2020\/01\/08\/egypts-non-oil-business-activity-inches-up-in-december-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=\"Egypt\u2019s non-oil business activity inches up in December, remains in contraction territory\" \/>\n<meta property=\"og:description\" content=\"Non-oil business activity improves slightly in December, but it\u2019s still in contraction territory: Egypt\u2019s non-oil private sector continued to contract in December, albeit at a slightly slower rate than November, which saw the lowest level of private sector business activity in two years, according to the Markit \/ Emirates NBD purchasing managers index (PMI) (pdf). 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The PMI gauge dipped marginally to 49.2 in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1027.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542598,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/pmi-outlook-improves-but-remains-in-contraction-territory\/","url_meta":{"origin":566943,"position":3},"title":"PMI outlook improves, but remains in contraction territory","author":"enterpriseam admin","date":"5 January 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565364,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/private-sector-business-contracts-again-but-the-outlook-is-rosier\/","url_meta":{"origin":566943,"position":4},"title":"Private sector business contracts again, but the outlook is rosier","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector continued to contract for the fourth consecutive month in March, but optimism reached new highs as the vaccine rollout picked up steam in recent weeks, according to IHS Markit purchasing managers\u2019 index (PMI) figures (pdf). The purchasing managers\u2019 index (PMI) gauge dropped to 48.0 last month,\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559805,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/private-sector-sentiment-still-in-contraction-territory\/","url_meta":{"origin":566943,"position":5},"title":"Private sector sentiment still in \u201ccontraction\u201d territory","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"Non-oil private sector activity in Egypt continued to contract in January, albeit at a slower pace as falls in output and orders tempered, according to IHS Markit purchasing managers\u2019 index (PMI) figures (pdf). The PMI gauge edged up a little from 48.2 in December to 48.7 in January, below the\u2026","rel":"","context":"In &quot;SENTIMENT&quot;","block_context":{"text":"SENTIMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/sentiment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/85.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\/566943","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=566943"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566943\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/566938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566944"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566943"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566943"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}