{"id":576986,"date":"2022-11-06T04:00:29","date_gmt":"2022-11-06T04:00:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/"},"modified":"2022-11-06T04:00:29","modified_gmt":"2022-11-06T04:00:29","slug":"private-sector-activity-contracts-for-23rd-consecutive-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/","title":{"rendered":"Private sector activity contracts for 23rd consecutive month"},"content":{"rendered":"

<\/a> Activity in Egypt\u2019s non-oil private sector continued to contract in October<\/strong>, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. The PMI index registered 47.7 last month, climbing just 0.1 points from September<\/a> and remaining firmly below the 50.0 threshold that separates growth from contraction.<\/p>\n

It has been a long time since we saw growth:<\/strong> This is the 23rd consecutive month that activity in the private sector has been in contraction.<\/p>\n

October\u2019s contraction was attributed primarily to inflation + supply issues:<\/strong> Inflationary pressures, fueled by import controls imposed by the Central Bank of Egypt earlier this year and a weakening EGP, \u201cmeant that a number of businesses again struggled to acquire relevant inputs.\u201d The cost pressures eased somewhat last month, but \u201cthe rate of input cost inflation was still sharp and above the series trend.\u201d These cost pressures led to lower output rates and weakening consumer demand, S&P Global notes.<\/p>\n

Sentiment hits record low:<\/strong> Business optimism fell sharply to its lowest level since the series began more than a decade ago, with just 4% of those surveyed saying they are confident of growth over the next 12 months. That drop in confidence also led firms to make layoffs, according to the survey. That\u2019s off the mark from our Fall 2022 Reader Survey<\/a>, which showed almost half of respondents anticipating that 2023 will bring better conditions for the business community.<\/p>\n

The release got coverage internationally:<\/strong> Reuters<\/a> | Zawya<\/a> | Arab News<\/a>.<\/p>\n

FROM THE REGION-<\/strong><\/p>\n

The UAE\u2019s non-oil private sector saw \u201crobust\u201d growth in October<\/strong>, with the PMI (pdf)<\/a> rising to 56.6 from 56.1 in September, which S&P Global notes is just shy of August\u2019s three-year high of 56.7. A pickup in purchasing activity led firms to recruit at the fastest pace in more than six years, while reduced transport and fuel costs allowed businesses to lower their output prices.<\/p>\n

Saudi Arabia\u2019s<\/strong> non-oil private sector expanded at a quicker pace in October<\/strong>, with its PMI (pdf)<\/a> recording 57.2 from 56.6 a month earlier. The growth came on the back of strong demand and output.<\/p>\n","protected":false},"excerpt":{"rendered":"

Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index registered 47.7 last month, climbing just 0.1 points from September and remaining firmly […]<\/p>\n","protected":false},"author":1,"featured_media":576987,"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":[104,72,182,185,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","tag-pmi","tag-uae","wpautop","entry"],"acf":{"mongo_id":"73e5e94d-9c27-44ed-8a54-c8efb58292a7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/87.jpg","photo_position":"above","related_issue":[576980],"teaser":"","voice_url":""},"yoast_head":"\nPrivate sector activity contracts for 23rd consecutive month - 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\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private sector activity contracts for 23rd consecutive month\" \/>\n<meta property=\"og:description\" content=\"Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (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":547012,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/","url_meta":{"origin":576986,"position":1},"title":"Business conditions decline in May on inflation worries","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"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\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\/6\/153.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":576986,"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":545629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/inflation-hits-private-sector-activity-in-march\/","url_meta":{"origin":576986,"position":3},"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":553482,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/06\/rising-inflation-weighs-on-private-sector-activity-in-november\/","url_meta":{"origin":576986,"position":4},"title":"Rising inflation weighs on private sector activity in November","author":"enterpriseam admin","date":"6 December 2021","format":false,"excerpt":"Egypt\u2019s non-oil business activity shrank \u201cmoderately\u201d during November, with a closely followed gauge of business conditions unchanged from the month prior as supply chain bottlenecks and inflationary pressures continued to weigh on private sector firms. 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