{"id":573464,"date":"2020-08-06T04:03:12","date_gmt":"2020-08-06T04:03:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/non-oil-business-activity-hits-12-month-high-in-july\/"},"modified":"2020-08-06T04:03:12","modified_gmt":"2020-08-06T04:03:12","slug":"non-oil-business-activity-hits-12-month-high-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/non-oil-business-activity-hits-12-month-high-in-july\/","title":{"rendered":"Non-oil business activity hits 12-month high in July"},"content":{"rendered":"

<\/a> Non-oil business activity hits 12-month high in July:<\/strong> 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<\/a> at the height of the covid-19 crisis. IHS Markit PMI figures (pdf)<\/a> released yesterday came in at 49.6, only slightly missing the 50.0 mark that indicates an expansion of activity, and rising from 44.6 in June<\/a>.<\/p>\n

Output rose last month for the first time in a year<\/strong> as areas of the economy previously shuttered during lockdown reopened. Activity in the tourism and hospitality sectors picked up as tourists returned following the lifting of the ban on international flights at the beginning of July.<\/p>\n

New business also recorded the first monthly increase in a year<\/strong> as export demand increased, particularly from European and African countries.<\/p>\n

But let\u2019s not get too carried away:<\/strong> \u201cEgypt still has some way to go to return to pre-covid levels of activity and demand, with the recent upturns only mild overall,\u201d said David Owen, economist at IHS Markit. \u201cThe landscape for Egyptian businesses remains both competitive and daunting, but can be improved in the coming months should tourism and other sectors be given a boost.\u201d<\/p>\n

The after-effects of lockdown continued to weigh on the labor market:<\/strong> Despite recovering output and new orders, employment continued to decline in July<\/strong>, after falling at its fastest rate in four years in June<\/a>. Businesses told IHS Markit that this was mainly due to companies not replacing ex-employees who had left voluntarily.<\/p>\n

Weak purchasing activity continued into July,<\/strong> with stock purchases falling for the eighth consecutive month albeit at the slowest rate since December. Inflation hit a nine-month high, accelerating the rise in purchasing costs, while firms continued to offer discounts on orders to boost sales.<\/p>\n

The private sector is strongly optimistic for a near-term recovery:<\/strong> Sentiment reached its highest level in almost two-and-a-half years, with firms expressing optimism that a recovery in the tourism sector will support broader economic comeback over the summer.<\/p>\n

Over in the Gulf<\/strong>, Saudi Arabia and the UAE also posted improved PMI figures. Private sector activity in the UAE expanded at a faster pace in July while Saudi climbed to a five-month high of 50. Bloomberg breaks down the figures here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 PMI figures (pdf) released yesterday […]<\/p>\n","protected":false},"author":1,"featured_media":573465,"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":[107,104,928,72,527,185,2380,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-economy","tag-employment","tag-enterpriseam","tag-pandemic","tag-pmi","tag-speed-round","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"aaa2b485-2ac7-44a7-a97c-5b3247eafeb0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/32.jpg","photo_position":"above","related_issue":[573459],"teaser":"","voice_url":""},"yoast_head":"\nNon-oil business activity hits 12-month high in July - 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\/08\/06\/non-oil-business-activity-hits-12-month-high-in-july\/\" \/>\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 hits 12-month high in July\" \/>\n<meta property=\"og:description\" content=\"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. 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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":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":573464,"position":1},"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":545629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/inflation-hits-private-sector-activity-in-march\/","url_meta":{"origin":573464,"position":2},"title":"Inflation hits private sector activity in March","author":"enterpriseam admin","date":"6 April 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector saw its sharpest decline in 21 months in March as the effects of the Russia-Ukraine war and the devaluation of the EGP hit output and new orders, according to S&P Global\u2019s purchasing managers\u2019 index (PMI) survey (pdf). Rising inflation and slowing demand caused activity\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\/4\/136.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594685,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-non-oil-business-activity-shrinks-again-in-august\/","url_meta":{"origin":573464,"position":3},"title":"Egypt\u2019s non-oil business activity shrinks again in August","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Non-oil business activity shrinks again in August: Falling output caused activity in Egypt\u2019s non-oil private sector to contract in August after a month of expansion in July, according to the Markit\/Emirates NBD purchasing managers\u2019 index (PMI) (pdf). The PMI gauge fell to 49.4 in August from 50.3 in July, indicating\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\/9\/3005.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-non-oil-business-activity-grows-in-july-after-two-months-of-contraction\/","url_meta":{"origin":573464,"position":4},"title":"Egypt\u2019s non-oil business activity grows in July after two months of contraction","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"Non-oil business activity grows in July after two months of contraction: A slight growth in output and new orders in July brought non-oil business activity back to expansion territory after two months of contraction,according to the Markit \/ Emirates NBD purchasing managers' index (PMI) gauge (pdf). July\u2019s PMI hit 50.3,\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\/2\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591372,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/egypts-non-oil-business-activity-hits-two-year-lows-in-november\/","url_meta":{"origin":573464,"position":5},"title":"Egypt\u2019s non-oil business activity hits two-year lows in November","author":"enterpriseam admin","date":"4 December 2019","format":false,"excerpt":"November was a month to forget for the non-oil private sector, the PMI suggests: Non-oil private sector business activity hit two-year lows in November as output, new orders, and employment fell, according to the Markit \/ Emirates NBD purchasing managers\u2019 index (pdf). The gauge fell for the fourth consecutive month\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\/12\/1837.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\/573464","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=573464"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573464\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573465"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573464"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573464"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}