{"id":572732,"date":"2020-07-07T04:00:28","date_gmt":"2020-07-07T04:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/business-activity-in-egypt-started-to-stabilize-in-june-after-the-calamitous-plunge-in-may-that-came-with-the-countrys-covid-lockdown\/"},"modified":"2020-07-07T04:00:28","modified_gmt":"2020-07-07T04:00:28","slug":"business-activity-in-egypt-started-to-stabilize-in-june-after-the-calamitous-plunge-in-may-that-came-with-the-countrys-covid-lockdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/business-activity-in-egypt-started-to-stabilize-in-june-after-the-calamitous-plunge-in-may-that-came-with-the-countrys-covid-lockdown\/","title":{"rendered":"Business activity in Egypt started to stabilize in June after the calamitous plunge in May that came with the country\u2019s covid lockdown"},"content":{"rendered":"

<\/a> Business activity in Egypt began to stabilize in June after the calamitous plunge in May <\/strong>that came with the country\u2019s covid lockdown<\/strong>, according to IHS Markit\u2019s purchasing managers\u2019 (PMI) index (pdf)<\/a>. Four months into the pandemic, business conditions in Egypt\u2019s non-oil private sector remained uncertain in June: improving output and orders helped the PMI gauge edge up to 44.6 from 40.7 in May. That\u2019s the highest reading seen since the Sisi administration introduced lockdown restrictions in March, but job losses accelerated to their quickest pace in four years. PMI readings above 50 suggest business activity is growing, while a reading below points to a slowdown.<\/p>\n

Signs of stability: <\/strong>\u201cJune's PMI data gave some promising signs that the Egyptian economy is beginning to stabilize. Activity fell at the weakest pace in four months, supported by a similar easing to the decline in new business, said David Owen, economist at IHS Markit. The index collapsed to <\/strong>a record low of 29.7 in April<\/a><\/strong>, as business activity ground to a halt due to the lockdown.<\/p>\n

Output and new orders rose to four-month highs<\/strong> but continued to decline due to weak demand and activity. Output got a boost as firms reported higher working hours and new orders from clients as the lockdown eased, but private sector activity remained sluggish mainly due to restrictions on tourism and travel.<\/p>\n

Job cuts hit four-year high: <\/strong>Firms continued to actively cut jobs for the eighth consecutive month, bringing the rate of job losses to its fastest in four years. Businesses put the brakes on new hires and laid off staff to reduce running costs. Some also cut wages<\/strong>, causing staff costs to drop for the third month running.<\/p>\n

There are indications that this could soon change:<\/strong> \u201cEmployment numbers still fell at an accelerated rate in June, although multiple signals suggest this will soon change,\u201d Owen said. \u201cHigher demand at some companies, increased backlogs and sentiment rising to a six-month high all point to firms hopefully restarting hiring in the near future.\u201d<\/p>\n

Purchasing activity: <\/strong>Firms continued to report a drop in purchasing activity, albeit at a slower rate than in May. However, some respondents were still suffering supply chain disruptions, with slower delivery times due to the curfew and port delays. Pricey medical materials and the appreciation of the USD led to a sharp increase in input costs. This combined with a sharp rate of inflation led to \u201ca renewed uptick in overall cost pressures.\u201d<\/strong> Output charges, meanwhile, dropped for again as firms continue to offer discounts to attract customers.<\/p>\n

Outlook: Optimism for the future is now at the highest level so far in 2020.<\/strong> Businesses hope the gradual return of life will boost private sector demand and support employment going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

Business activity in Egypt began to stabilize in June after the calamitous plunge in May that came with the country\u2019s covid lockdown, according to IHS Markit\u2019s purchasing managers\u2019 (PMI) index (pdf). Four months into the pandemic, business conditions in Egypt\u2019s non-oil private sector remained uncertain in June: improving output and orders helped the PMI gauge […]<\/p>\n","protected":false},"author":1,"featured_media":572733,"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":[72,1486,185,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-non-oil-business-activity","tag-pmi","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ad826519-d107-4f0a-9f17-cdc6706e481b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/40.jpg","photo_position":"above","related_issue":[572727],"teaser":"","voice_url":""},"yoast_head":"\nBusiness activity in Egypt started to stabilize in June after the calamitous plunge in May that came with the country\u2019s covid lockdown - 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\/07\/07\/business-activity-in-egypt-started-to-stabilize-in-june-after-the-calamitous-plunge-in-may-that-came-with-the-countrys-covid-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business activity in Egypt started to stabilize in June after the calamitous plunge in May that came with the country\u2019s covid lockdown\" \/>\n<meta property=\"og:description\" content=\"Business activity in Egypt began to stabilize in June after the calamitous plunge in May that came with the country\u2019s covid lockdown, according to IHS Markit\u2019s purchasing managers\u2019 (PMI) index (pdf). 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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":573464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/non-oil-business-activity-hits-12-month-high-in-july\/","url_meta":{"origin":572732,"position":1},"title":"Non-oil business activity hits 12-month high in July","author":"enterpriseam admin","date":"6 August 2020","format":false,"excerpt":"Non-oil business activity hits 12-month high in July: Activity in Egypt\u2019s non-oil private sector contracted at its slowest rate in a year in July as rising output and expanding exports signalled improved business conditions after activity fell to an all-time low at the height of the covid-19 crisis. IHS Markit\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\/8\/32.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571278,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/non-oil-business-activity-plummets-to-all-time-low-in-april-as-lockdown-measures-begin-to-bite\/","url_meta":{"origin":572732,"position":2},"title":"Non-oil business activity plummets to all-time low in April as lockdown measures begin to bite","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"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\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\/5\/46.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":572732,"position":3},"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":566667,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/nearly-there\/","url_meta":{"origin":572732,"position":4},"title":"Nearly there","author":"enterpriseam admin","date":"6 July 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector was a dog\u2019s hair away from expansion in June, as conditions showed signs of stabilizing at the end of 1H2021, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf). The PMI gauge rose to 49.9, from 48.6 in May, only 0.1 shy of the 50.0 mark\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","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\/7\/337.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644855,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/05\/export-orders-continue-to-grow-in-june-pmi\/","url_meta":{"origin":572732,"position":5},"title":"Export orders continue to grow in June - PMI","author":"enterpriseam admin","date":"5 July 2017","format":false,"excerpt":"New export orders continued to grow for its third consecutive month in June, according to last month\u2019s reading in yesterday\u2019s Emirates NBD Egypt PMI (pdf). The gauge came in 47.2 in June, broadly similar to last month\u2019s reading 47.3. This growth in exports came on the back of greater interest\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572732","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=572732"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572732\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572733"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572732"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572732"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}