{"id":571278,"date":"2020-05-06T04:02:18","date_gmt":"2020-05-06T04:02:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/"},"modified":"2020-05-06T04:02:18","modified_gmt":"2020-05-06T04:02:18","slug":"non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/","title":{"rendered":"Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite"},"content":{"rendered":"

<\/a> Non-oil business activity plummets to all-time low in April as lockdown measures <\/strong>bite:<\/strong> Egypt\u2019s non-oil business activity fell at an \u201cunprecedented rate\u201d in April as government measures to stem the covid-19 outbreak caused a \u201csevere decline\u201d in business conditions, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) (pdf)<\/a>. The PMI gauge fell to a record low of 29.7 in April, down from 44.2 in March as output, new orders and exports plunged due to muted demand. PMI readings above 50.0 indicate expansionary activity, while a reading below means it is contracting.<\/p>\n

New orders collapsed at a record rate: <\/strong>An evaporation of client demand caused new orders to fall at the fastest pace since the survey began in 2011. This was attributed to the Sisi administration\u2019s anti-covid measures, which were in place through the month and included restrictions on working hours, the shuttering of the hospitality and tourism sectors, and the night-time curfew.<\/p>\n

Businesses are cutting back:<\/strong> Lacklustre demand and falling output is forcing businesses to make cutbacks, including reducing input spending and labor costs. The month saw an acceleration of layoffs, causing employment to decline at the fastest rate in over three years<\/strong> and extending a trend that began in November. The cutbacks resulted in input costs rising at the slowest pace since the survey began.<\/p>\n

\u201cBusinesses lucky enough to remain open scaled back activity on a massive scale<\/strong>, as many highlighted sharp falls in domestic sales and foreign demand. Firms forced to close unsurprisingly recorded an even steeper decline in output,\u201d said David Owen, economist at IHS Markit.<\/p>\n

Supplier delivery time has continued to increase,<\/strong> marking the second month in a row it has gone up since April and the longest wait times seen since October 2017. The slowdown has mostly been attributed to held up stocks at ports.<\/p>\n

Raw material shortages<\/strong> have caused an uptick in some raw material prices, despite weak cost increases recorded by IHS but have done little to affect input costs on firms generally. Inventory levels were \u201cdrastically reduced\u201d<\/strong> for many firms as uncertainty over future demand prevails.<\/p>\n

Falling foreign sales and tourism<\/strong> due to airport shutdowns and global travel restrictions contributed to a \u201cmarked decrease\u201d in purchasing activity at the start of the second quarter, spelling trouble for local vendors.<\/p>\n

Improving sentiment may limit job losses:<\/strong> Despite the record blow to overall activity, sentiment improved slightly in anticipation of a reopening of the economy and heightened activity in the coming year. \u201cBusiness expectations remain strong \u2026 which may suggest firms will look to retain workforces for when the economy reopens,\u201d said Owen. \u201cThe outlook may darken through should the crisis worsen and measures are extended.\u201d<\/p>\n

Saudi Arabia\u2019s economic activity also contracted, albeit at a slower rate in April.<\/strong> The kingdom\u2019s PMI reading (pdf)<\/a> came in at 44.4, inching up modestly from 42.4 in March. Private sector output is still suffering record declines while new orders and employment are struggling to grow.<\/p>\n

The UAE\u2019s reading continued to fall for the sixth consecutive month<\/strong>, recording a PMI of 44.1 (pdf)<\/a>, down from 45.2 in March. The country has been ailing from significantly reduced business activity since preventive measures against covid-19 have been instituted and optimism over future recovery has reached its most grim in months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-oil business activity plummets to all-time low in April as lockdown measures bite: Egypt\u2019s non-oil business activity fell at an \u201cunprecedented rate\u201d in April as government measures to stem the covid-19 outbreak caused a \u201csevere decline\u201d in business conditions, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) (pdf). The PMI gauge fell to a record […]<\/p>\n","protected":false},"author":1,"featured_media":571279,"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":[10287,107,104,928,72,5069,185,219,2380,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-activity","tag-covid-19","tag-economy","tag-employment","tag-enterpriseam","tag-inventory","tag-pmi","tag-saudi-arabia","tag-speed-round","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8dc78446-e13d-4a25-b20d-ff1e77989f2b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/46.jpg","photo_position":"above","related_issue":[571273],"teaser":"","voice_url":""},"yoast_head":"\nNon-oil business activity plummets to all-time low in April as lockdown measures begin to bite - 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\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite\" \/>\n<meta property=\"og:description\" content=\"Non-oil business activity plummets to all-time low in April as lockdown measures bite: Egypt\u2019s non-oil business activity fell at an \u201cunprecedented rate\u201d in April as government measures to stem the covid-19 outbreak caused a \u201csevere decline\u201d in business conditions, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) (pdf). 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Four months into the pandemic, business conditions in Egypt\u2019s non-oil private sector remained uncertain in June: improving output and\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\/2020\/7\/40.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/egypts-non-oil-private-sector-activity-falls-to-three-year-lows-as-covid-19-hits-output-new-orders\/","url_meta":{"origin":571278,"position":2},"title":"Egypt\u2019s non-oil private sector activity falls to three-year lows as covid-19 hits output, new orders","author":"enterpriseam admin","date":"6 April 2020","format":false,"excerpt":"Stung by covid-19 outbreak, non-oil business activity falls to three-year lows on declining output, dearth of new orders: Egypt\u2019s non-oil business activity continued to shrink in March as the the covid-19 pandemic caused \u201csharp downturns\u201d in output and new orders, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) (pdf). The\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\/2020\/4\/44.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559052,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/covid-bites-once-again\/","url_meta":{"origin":571278,"position":3},"title":"Covid bites once again","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector recovery stalled again in December as covid-19 cases climbed steadily throughout the month, causing muted consumer demand, according to IHS Markit\u2019s purchasing manager\u2019s index (PMI) (pdf). The PMI gauge fell to 48.2 in December, down from 50.9 in November, signaling a \u201cmoderate deterioration\u201d in business conditions\u2026","rel":"","context":"In "SENTIMENT"","block_context":{"text":"SENTIMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/sentiment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628458,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/business-conditions-stabilize-in-april-as-pmi-reading-registers-50-1\/","url_meta":{"origin":571278,"position":4},"title":"Business conditions stabilize in April as PMI reading registers 50.1","author":"enterpriseam admin","date":"6 May 2018","format":false,"excerpt":"Business conditions in Egypt\u2019s non-oil private sector stabilized in April, according to the Emirates NBD PMI reading (pdf) compiled by Markit. The gauge came in at 50.1 \u2014 just above the neutral 50.0 threshold \u2014 up from 49.2 in March, reflecting stabilizing output and growth in new orders. New export\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601642,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/06\/egypts-non-oil-business-activity-falls-to-17-month-low-pmi\/","url_meta":{"origin":571278,"position":5},"title":"Egypt\u2019s non-oil business activity falls to 17-month low: PMI","author":"enterpriseam admin","date":"6 March 2019","format":false,"excerpt":"Non-oil business activity falls to 17-month low, sentiment hits 10-month high: The Egypt purchasing managers\u2019 index (PMI) contracted for the sixth consecutive month in February to reach a 17-month low, according to Markit \/ Emirates NBD data. The index fell to 48.2 last month from 48.5 in January, \u201csignalling a\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\/3\/715.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\/571278","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=571278"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571278\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571279"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571278"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571278"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}