{"id":578599,"date":"2023-01-05T04:03:54","date_gmt":"2023-01-05T04:03:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/private-sector-contracts-for-25th-consecutive-month\/"},"modified":"2023-01-05T04:03:54","modified_gmt":"2023-01-05T04:03:54","slug":"private-sector-contracts-for-25th-consecutive-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/private-sector-contracts-for-25th-consecutive-month\/","title":{"rendered":"Private sector contracts for 25th consecutive month"},"content":{"rendered":"

<\/a> Private sector ends the year with softer contraction:<\/strong> Business activity in Egypt\u2019s non-oil private sector contracted for the 25th consecutive month in December, albeit at a softer pace, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. The PMI reading rose to 47.2 in December from 45.4 a month earlier<\/a>, but remained below the 50.0 mark that separates growth from contraction. Surging inflation, a weaker EGP, and import restrictions were once again to blame for deteriorating conditions, S&P Global said.<\/p>\n

Inflationary pressures are the biggest culprit:<\/strong> \u201cAccording to survey panelists, lower activity generally reflected weak demand conditions, as rising prices led customers to make additional cuts to spending,\u201d S&P Global said. Inflation hit a five-year high<\/a>of 18.7% in November. December\u2019s inflation figures are expected to be released next Tuesday, 10 January.<\/p>\n

As well as the falling EGP:<\/strong> \"The pound\u2019s depreciation against the USD in recent months continued to drive input costs higher, although the latest data signaled a softer rate of inflation than November's over four-year record,\u201d said S&P Global economist David Owen. The currency has fallen some 34% against the greenback since late October, when the central bank devalued the EGP and moved to a durably flexible exchange rate<\/a>. A weaker local currency led material prices to surge while staff costs saw a modest rise, respondents said.<\/p>\n

Fewer hands on deck: <\/strong>Businesses also slashed headcounts for the second time in three months, pushing backlogs of work to rise at their fastest pace in over two years.<\/p>\n

The outlook is still optimistic<\/strong>:<\/strong> \u201cExpectations towards future output improved for the second month running from October's record low and were the strongest since June\u201d despite ongoing concerns over global economic conditions, the report said<\/p>\n

The story is getting ink from <\/strong>Reuters<\/a><\/strong> and Bloomberg<\/a><\/strong>.<\/p>\n

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

Non-oil business activity in the UAE grew at a marginally slower <\/strong>pace in December<\/strong>, with the PMI falling to 54.2 from 54.4 in November, according to S&P Global (pdf)<\/a>. The lowest reading since the start of 2022 provided \u201cfurther signs that growth momentum has moderated from its post-pandemic peak in the third quarter,\u201d Owen said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Private sector ends the year with softer contraction: Business activity in Egypt\u2019s non-oil private sector contracted for the 25th consecutive month in December, albeit at a softer pace, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI reading rose to 47.2 in December from 45.4 a month earlier, but remained below the 50.0 mark […]<\/p>\n","protected":false},"author":1,"featured_media":578600,"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":[104,72,182,185,6337],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","tag-pmi","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"8889e176-c3a5-4d4a-9915-1cb747d570e2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/88.jpg","photo_position":"above","related_issue":[578590],"teaser":"","voice_url":""},"yoast_head":"\nPrivate sector contracts for 25th 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\/2023\/01\/05\/private-sector-contracts-for-25th-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 contracts for 25th consecutive month\" \/>\n<meta property=\"og:description\" content=\"Private sector ends the year with softer contraction: Business activity in Egypt\u2019s non-oil private sector contracted for the 25th consecutive month in December, albeit at a softer pace, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). 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The PMI index registered 47.7 last month, climbing just 0.1 points\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\/11\/87.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":578599,"position":4},"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 "Economy"","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":549909,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/","url_meta":{"origin":578599,"position":5},"title":"PMI is flat month on month, with private sector still in contraction territory","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector contracted at the same pace in September as it did in August, according to S&P Global\u2019s latest purchasing managers\u2019 index (pdf). The PMI index was flat month-on-month at 47.6, remaining below the 50.0 threshold that separates growth from contraction for the twenty-second consecutive month.\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\/10\/136.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\/578599","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=578599"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578599\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578600"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578599"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578599"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}