{"id":581069,"date":"2023-02-06T00:00:00","date_gmt":"2023-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january\/"},"modified":"2023-02-06T00:00:00","modified_gmt":"2023-02-06T00:00:00","slug":"egp-devaluation-pushes-private-sector-into-sharper-decline-in-january","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january\/","title":{"rendered":"EGP devaluation pushes private sector into sharper decline in January"},"content":{"rendered":"

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<\/span>Private sector starts the year with sharper contraction: <\/span>Activity in Egypt\u2019s <\/span>non-oil private sector contracted for the 26th consecutive month in January as high inflation <\/span>continued to weigh on businesses, according to <\/span>S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a><\/span>.The PMI reading fell to 45.5 in January from <\/span>47.2<\/a><\/span> a month before, dropping further below the 50.0 mark that separates growth from contraction. \u201cThe reading indicated a sharp deterioration in the health of the non-oil sector that was one of the quickest seen in the current 26-month sequence of decline,\u201d S&P Global said. <\/span><\/p>\n

EGP depreciation drives inflation: <\/span>Purchasing costs rose at their fastest pace in 4.5 years as the <\/span>January devaluation<\/a><\/span> of the EGP added to inflationary pressures, with half of those surveyed reporting a rise in purchasing costs during the month. Output prices increased at their fastest in nearly six years, as businesses passed on rising costs to clients. <\/span><\/p>\n

And inflation suppresses activity: <\/span>\u201cTheP build-up of inflationary pressures led to a marked and faster decline in new business inflows,\u201d S&P wrote. The contraction in activity was exacerbated by ongoing supply issues at some firms thanks to import restrictions and a foreign-currency shortage. Amid this backdrop of high prices, falling demand, and supply shortages, managers cut purchasing at their steepest pace in the 12-year history of the PMI survey. <\/span><\/p>\n

Employment fell for the third time in four months<\/span>, though staff costs rose as employers hiked salaries amid high inflation. <\/span><\/p>\n

Looking ahead: <\/span>Confidence among purchasing managers hit its third-lowest level in the PMI\u2019s history amid a \u201cgloomy\u201d outlook on inflation, S&P Global Senior Economist David Owen said. Sell-side price hikes suggest \u201cinflation could climb further from <\/span>December's 21.3%<\/a><\/span> and remain elevated throughout much of the year,\u201d he said, echoing the sentiment of <\/span>all seven analysts<\/a><\/span> we polled recently. \u201cThe USD shortage added significantly to Egypt's economic challenges in 2022 and will likely remain a major problem this year,\u201d he said.<\/span><\/p>\n

The story is getting ink in the foreign press:<\/span> <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span>.<\/span><\/p>\n

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

Saudi Arabia\u2019s non-oil private sector registered its second-fastest growth since <\/span>September 2021<\/span> on the back of easing inflation and rising optimism, according to the country\u2019s <\/span>PMI (pdf)<\/a><\/span>. <\/span><\/p>\n

Non-oil business activity in the UAE also remained strong in January<\/span>, with output and new <\/span>orders both rising sharply, according to the <\/span>PMI (pdf)<\/a><\/span>. This was the lowest PMI reading in a year for the UAE, which has enjoyed a strong recovery from the pandemic since 2021.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s non-oil private sector contracts for the 26th consecutive month.<\/p>\n","protected":false},"author":1,"featured_media":581070,"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":[104,72,2234,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"006d1e13-76fa-468f-a4f3-59842860103b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/140.jpg","photo_position":"below","homepage_title":"EGP devaluation pushes private sector into sharper decline in January","full_issue_title":"EGP devaluation pushes Egypt\u2019s private sector into sharper decline in January","related_issue":[581064],"teaser":"Egypt\u2019s non-oil private sector contracts for the 26th consecutive month."},"yoast_head":"\nEGP devaluation pushes private sector into sharper decline in January - 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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":582462,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling\/","url_meta":{"origin":581069,"position":3},"title":"Private sector contracts at a slower pace in February amid signs inflation could be cooling","author":"enterpriseam admin","date":"6 March 2023","format":false,"excerpt":"Due to contraction to persistently high inflation as supply chain pressures","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\/3\/PMI-5-3-2023-1600-px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575196,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/egypts-private-sector-recovery-gets-back-on-track-in-september\/","url_meta":{"origin":581069,"position":4},"title":"Egypt\u2019s private sector recovery gets back on track in September","author":"enterpriseam admin","date":"6 October 2020","format":false,"excerpt":"Egypt\u2019s non-oil private sector expanded for the first time in 14 months in September on the back of a rise in consumer demand and strengthened business activity, according to IHS Markit PMI figures (pdf). The gauge rose to 50.4 from 49.4 in August, indicating the first month of economic expansion\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\/10\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565364,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/private-sector-business-contracts-again-but-the-outlook-is-rosier\/","url_meta":{"origin":581069,"position":5},"title":"Private sector business contracts again, but the outlook is rosier","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector continued to contract for the fourth consecutive month in March, but optimism reached new highs as the vaccine rollout picked up steam in recent weeks, according to IHS Markit purchasing managers\u2019 index (PMI) figures (pdf). The purchasing managers\u2019 index (PMI) gauge dropped to 48.0 last month,\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\/4\/333.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\/581069","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=581069"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581069\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581070"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581069"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581069"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}