{"id":584762,"date":"2023-04-05T00:00:00","date_gmt":"2023-04-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/the-private-sector-slump-continues-in-march\/"},"modified":"2023-04-05T00:00:00","modified_gmt":"2023-04-05T00:00:00","slug":"the-private-sector-slump-continues-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/the-private-sector-slump-continues-in-march\/","title":{"rendered":"The private-sector slump continues in March"},"content":{"rendered":"

Private-sector activity in contr<\/font>action again in March:<\/span> The contraction in Egypt\u2019s non-oil private sector deepened in March as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on demand, according to S&P Global\u2019s purchasing managers' index (pdf)<\/a><\/span>. The PMI reading inched down to 46.7 from 46.9 in February<\/a><\/span>, making March the 28th consecutive month that private-sector activity has been in contraction.<\/span><\/p>\n

Remember:<\/span> Anything below the 50.0 mark indicates contraction.<\/span><\/p>\n

What they said:<\/span> \u201cThe headline PMI signaled a further solid deterioration in the performance of <\/span>non-oil companies, driven by steep falls in activity and new business volumes,\u201d said David Owen, senior economist at S&P Global Market Intelligence. \u201cInventories and employment levels also decreased, with purchasing once again impacted by customs restrictions.\u201d<\/span><\/p>\n

Businesses continued to feel the impact of soaring prices<\/span>, which resulted in a \u201csharp\u201d fall in <\/span>new orders, S&P Global said. Falling demand accelerated from February though this was partially offset by a milder decline in export sales. Headline inflation <\/span>hit a five-and-a-half-year high<\/a><\/span> of 31.9% in February, while food prices and core inflation both rose at their fastest rates ever. Import controls were also cited as being a key cause for weaker demand, and resulted in a fifth consecutive monthly decline in vendor performance <\/span><\/p>\n

Light at the end of the tunnel?<\/span> The rate of inflation faced by businesses was \u201cmuch softer\u201d <\/span>than at the beginning of the year, and companies raised their prices by the lowest amount in five months as they looked to reinvigorate demand, Owen said. \u201cIn addition to a slightly stabler currency market, the data provides some hope that the peak of inflation could be near,\u201d he added.<\/span><\/p>\n

Manufacturing, construction + retail hard hit:<\/span> The manufacturing, construction, and <\/span>wholesale and retail industries experienced further heavy falls in output and demand during the month. <\/span><\/p>\n

But the services sector sees growth:<\/span> Activity in the services sector rose for the time since <\/span>August 2021 as sales picked up.<\/span><\/p>\n

More job losses:<\/span> Companies reduced their headcount for the fourth month in a row, often <\/span>leaving positions vacant due to a lack of new work, S&P Global said.<\/span><\/p>\n

Businesses are slightly less pessimistic than they were last month:<\/span> Sentiment remained <\/span>near series lows despite picking up slightly to its highest level in three months.<\/span><\/p>\n

The reading got coverage overseas:<\/span>Reuters<\/a><\/span>.<\/span><\/p>\n

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

The Saudi non-oil private sector is still in rapid expansion despite pulling back from <\/span>February\u2019s near eight-year high:<\/span> Saudi Arabia\u2019s <\/span>PMI (pdf)<\/a><\/span> dipped to 58.7 in March from 59.8 in February. Growth came on the back of a strong demand from foreign customers and increased development spending. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation and the EGP deval continued to weigh on output and demand<\/p>\n","protected":false},"author":1,"featured_media":584763,"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":[104,72,2234,182,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"f14d2cc3-6390-4bfc-9583-3e721ea448d4","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/182.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s private-sector slump continues for 28th month amid soaring inflation","related_issue":[584757],"teaser":"Inflation and the EGP deval continued to weigh on output and demand","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.6ff2ab12-e8fc-4116-93bc-432f8f41c388.mp3"},"yoast_head":"\nThe private-sector slump continues in March - 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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":545629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/inflation-hits-private-sector-activity-in-march\/","url_meta":{"origin":584762,"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). 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