{"id":582462,"date":"2023-03-06T00:00:00","date_gmt":"2023-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling\/"},"modified":"2023-03-06T00:00:00","modified_gmt":"2023-03-06T00:00:00","slug":"private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling\/","title":{"rendered":"Private sector contracts at a slower pace in February amid signs inflation could be cooling"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Private sector contracts at a slower pace in February:<\/span><span style=\"\"> Activity in Egypt\u2019s non-oil <\/span><span>private sector contracted for the 27th consecutive month in February, albeit at a slower pace, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/PMI-SP-Global-5-3-2023-EN.pdf\" style=\"\">S&amp;P Global\u2019s purchasing managers\u2019 index (pdf)<\/a><\/span><span>. The PMI reading rose to 46.9 in February from<\/span><span> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january-95585\/\" style=\"\">45.5 a month earlier<\/a><\/span><span>, <\/span><span style=\"font-weight:400;\">but remained below the 50.0 mark that separates growth from contraction. The report attributes the contraction to persistently high inflation as supply chain pressures and the ongoing depreciation of the EGP took a toll on demand. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Private firms \u201care likely to face a prolonged downturn in 2023\u201d<\/span><span style=\"font-weight:400;\"> on the back of persistent inflation, weakened demand, and ongoing import controls, despite initial signs of improvement in the global economy, S&amp;P Global economist David Owen said. \u201cS&amp;P Global Market Intelligence believes that FX markets are not yet at their equilibrium state and that inflation will likely remain in double-digits this year.\" <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The upside: Is inflation softening? <\/span><span>Two of the index\u2019s key price metrics \u201csaw a notable softening\u201d last month after hitting multi-year highs in January. Purchase price inflation retreated to its lowest since October from a four-and-a-half-year high in January as businesses \u201c<\/span><span>suffered to a lesser extent<\/span><span style=\"font-weight:400;\"> from weaker exchange rates and rising import costs,\u201d said Owen. Output price inflation similarly dropped to its lowest in four months following a near six-year high in January. \u201cThe findings provide some hope that inflation may start to soften,\u201d Owen writes, while conceding that prices are still rising sharply on the back of the ongoing depreciation of the EGP.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"font-weight:400;\">We\u2019ll know more about the direction prices are headed at the end of this week.when official inflation data for February lands. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Business sentiment fell to a near-record low: <\/span><span>Business confidence fell to come in only slightly above October\u2019s record low, with just 5% of survey respondents forecasting a rise in output over the next 12 months<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fewer hands on deck: <\/span><span style=\"font-weight:400;\">Businesses slashed headcount for the third month running and at the&nbsp;<\/span><span style=\"background-color: transparent;\">fastest rate in nine months as demand continued to drop.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The news got international coverage: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.bloomberg.com\/news\/articles\/2023-03-05\/dollar-woes-inflation-batter-egyptian-firms-hopes-for-2023?srnd=premium-middle-east&amp;sa=D&amp;source=editors&amp;ust=1678279581604488&amp;usg=AOvVaw3s-OP5lL0k57-RsO7oVy8x\" style=\"\">Bloomberg<\/a><\/span><span style=\"\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FROM THE REGION- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Saudi non-oil private sector grew at its fastest pace in almost eight years: <\/span><span style=\"\">Saudi <\/span><span style=\"\">Arabia\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/PMI-SAUDI-ENG.pdf&amp;sa=D&amp;source=editors&amp;ust=1678279581605193&amp;usg=AOvVaw2ryFrdweYYLmKLLtNF_6P_\" style=\"\">PMI (pdf)<\/a><\/span><span style=\"font-weight:400;\"> rose to 59.8 in February from 58.2 in January on the back of a sharp surge in demand on better macro conditions.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Non-oil business activity in the UAE saw its strongest upturn since October<\/span><span style=\"\">, with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/PMI-UAE-english.pdf&amp;sa=D&amp;source=editors&amp;ust=1678279581605648&amp;usg=AOvVaw2xT8FvuxGLRI7PEso1-Uf3\" style=\"\">PMI<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/PMI-UAE-english.pdf&amp;sa=D&amp;source=editors&amp;ust=1678279581605857&amp;usg=AOvVaw1nzMWZnKxiU72atV7wHAE4\" style=\"\">(pdf)<\/a><\/span><span> <\/span><span style=\"font-weight:400;\">inching up to 54.3 in February from a 12-month low of 54.1 in January. That said, new business grew at its slowest rate in 17 months, \u201csuggesting the improved growth picture may be short-lived.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to contraction to persistently high inflation as supply chain pressures<\/p>\n","protected":false},"author":1,"featured_media":582463,"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":[72,2234,182,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"381e40f9-a6df-4c86-95ab-56a798122b7f","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/PMI-5-3-2023-1600-px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582457],"teaser":"Due to contraction to persistently high inflation as supply chain pressures","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.691d85d3-a370-4430-943d-422afcbcd073.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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