{"id":586111,"date":"2023-05-07T00:00:00","date_gmt":"2023-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/non-oil-private-sector-contracts-at-a-softer-pace-in-april\/"},"modified":"2023-05-07T00:00:00","modified_gmt":"2023-05-07T00:00:00","slug":"non-oil-private-sector-contracts-at-a-softer-pace-in-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/non-oil-private-sector-contracts-at-a-softer-pace-in-april\/","title":{"rendered":"Non-oil private-sector contracts at a softer pace in April"},"content":{"rendered":"

<\/span>Private-sector activity sees softest decline since October:<\/span> Egypt\u2019s non-oil <\/span>private sector contracted for the 29th consecutive month in April \u2014 but did so at its slowest pace in six months as a more stable exchange rate helped to alleviate inflationary pressures, according to S&P Global\u2019s <\/span>purchasing managers\u2019 index (pdf)<\/a><\/span>. The index <\/span>rose to 47.3 in April from <\/span>46.7 in March<\/a><\/span>, remaining below the 50.0 mark that separates growth from contraction.<\/span><\/p>\n

What they said: <\/span>\u201cThe latest PMI figures for Egypt provided some promising hints for the direction of the non-oil economy, particularly on inflation,\u201d said David Owen, senior economist at S&P Global Market Intelligence. \u201cRelative calmness in currency markets led to reduced pressure on import prices, culminating in the softest rise in purchase costs for a year and one that was weaker than the trend rate. The slowdown encouraged firms to raise their own charges to a lesser extent, which helped to partly alleviate the downturn in sales.\u201d <\/span><\/p>\n

Could inflation finally start to cool?<\/span> Though high inflation continued to weigh on activity and demand, businesses recorded the softest decline in output in four months and the softest decline in new orders in six months. \u201cThe findings suggest that headline inflation in Egypt should begin to soften over the coming months,\u201d Owen said. <\/span>Headline inflation<\/a><\/span> hit 32.7% y-o-y in March, approaching July 2017\u2019s record high of 33%. April inflation figures should be released this Wednesday, 10 May. <\/span><\/p>\n

But pessimism remains high: <\/span>The \u201chigh degree of uncertainty\u201d over future economic conditions <\/span>led businesses to report their weakest outlook for the year ahead in the series\u2019 11-year history. <\/span><\/p>\n

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

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

Saudi Arabia\u2019s <\/span>PMI (pdf)<\/a><\/span> rose to 59.6 in <\/span>April<\/span> from 58.7 in March, only slightly below its eight-year peak of 59.8 in February.<\/span> Growth came on the back of rising tourism, consumer spending, and new business tied to major infrastructure projects.<\/span><\/p>\n

The UAE\u2019s <\/span>PMI (pdf)<\/a><\/span> also rose to 56.6 in April <\/span>from 55.9 in March, just short of its <\/span>post-pandemic peak. New orders increased rapidly as easing market conditions including slower inflation and rising demand led businesses to offer promotions in a bid to capture market share. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Short-term outlook among firms falls to record low amid economic uncertainty<\/p>\n","protected":false},"author":1,"featured_media":586112,"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":[104,72,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"9b47e2ce-e7e2-4382-9016-464a01b8d69c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/298.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector contracts at a softer pace in April","related_issue":[586104],"teaser":"Short-term outlook among firms falls to record low amid economic uncertainty","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.41c0d0e2-9409-4000-b887-bd64c6eb8948.mp3"},"yoast_head":"\nNon-oil private-sector contracts at a softer pace in April - 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Business activity contracted at a slightly slower pace during the month, with the index inching\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\/5\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565822,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/private-sector-conditions-worsen-again-in-april\/","url_meta":{"origin":586111,"position":2},"title":"Private sector conditions worsen again in April","author":"enterpriseam admin","date":"6 May 2021","format":false,"excerpt":"The non-oil private sector in Egypt contracted for the fifth consecutive month in April, primarily as businesses recorded a sharp fall in new orders, output, and employment and higher input costs from the global commodities price rally, IHS Markit\u2019s purchasing managers\u2019 index survey (pdf) found. The PMI gauge dropped to\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\/5\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557079,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/egypts-private-sector-is-responding-to-rising-inflation-by-buying-a-lot\/","url_meta":{"origin":586111,"position":3},"title":"Egypt\u2019s private sector is responding to rising inflation by buying. A lot.","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector shrank again in August, but at a slower pace than in July: Business activity in Egypt\u2019s non-oil private sector contracted for the ninth straight month in August \u2014 but a record surge in corporate spending and a pick-up in demand softened the decline, according to IHS\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\/2021\/9\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598867,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/egypts-non-oil-business-activity-falls-back-into-contraction-territory-in-may\/","url_meta":{"origin":586111,"position":4},"title":"Egypt\u2019s non-oil business activity falls back into contraction territory in May","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Non-oil business activity fell back into contraction territory in May: Non-oil business activity contracted in May after having expanded the previous month for the first time since August 2018. The latest purchasing managers\u2019 index fell to 48.2, down from 50.8 in April, signalling \"a moderate deterioration in the health of\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\/2019\/6\/1122.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":586111,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586111","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=586111"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586111\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586112"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586111"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586111"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}