{"id":588081,"date":"2023-06-06T00:00:00","date_gmt":"2023-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may\/"},"modified":"2023-06-06T00:00:00","modified_gmt":"2023-06-06T00:00:00","slug":"egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may\/","title":{"rendered":"Egypt\u2019s non-oil private sector contracts at softest pace in 15 months in May"},"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\"> Some positive signs for the private sector as PMI rises for second month running: <\/span><span style=\"\">The <\/span><span style=\"\">contraction in Egypt\u2019s non-oil private sector slowed to its softest pace since February 2022 in May as inflationary pressures eased, according to S&P Global\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/179.pdf\" style=\"\">purchasing managers\u2019 index<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/179.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"\">. <\/span><span style=\"\">The country\u2019s PMI rose to 47.8 in May from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b47e2ce-e7e2-4382-9016-464a01b8d69c\" style=\"\">47.3 in April<\/a><\/span><span style=\"\">, marking a second consecutive month of improvement but remaining below the 50.0 mark that separates growth from contraction. <\/span><span style=\"font-weight:400;\">This is the 30th consecutive month that non-oil private-sector activity has been in decline.<\/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\">Softer price hikes helped the picture:<\/span><span style=\"\"> \u201cThe Egypt PMI remained in negative territory in May, <\/span><span style=\"\">but showed further promise that current economic headwinds were beginning to dissipate,\u201d said David Owen, senior economist at S&P Global Market Intelligence. \u201cCompanies signaled that input cost pressures were again much softer than at the beginning of the year, as a period of stabilization in the<\/span><span style=\"\"> EGP versus the <\/span><span style=\"font-weight:400;\">USD helped to cool import markets. This led to another relatively soft rise in selling charges, providing some hope that consumer price inflation will fall again in May.\u201d<\/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=\"\"> Annual urban inflation eased to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8b89cdc-cf1e-4a57-bcf6-75cf185240d0\" style=\"\">30.6% y-o-y in April<\/a><\/span><span style=\"\">from 32.7% the month before <\/span><span style=\"font-weight:400;\">as a result of a favorable base effect, the stabilization of the EGP-USD exchange rate, and a slight slowdown in food price growth. Capmas and the central bank should be out with May\u2019s inflation data on 8 June.<\/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\">Demand conditions on the up? <\/span><span style=\"\">Output levels continued to decline but at their softest rate <\/span><span style=\"\">since the<\/span><span style=\"\">end of 2021, while new orders dropped at their slowest rate in seven months. Business activity came close to stabilizing in the manufacturing and services sectors. \"Positivity in the services economy \u2014 where new business intakes rose for the second time in three months \u2013 suggests that demand could make further strides towards a recovery in the coming <\/span><span style=\"\">months,\u201d Owen said. <\/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\">Yes, but:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Confidence remained near the all-time low recorded in April<\/span><span style=\"font-weight:400;\">, with only 6% of the survey respondents expecting an increase in output over the next 12 months. <\/span><\/li>\n<li><span style=\"font-weight:700\">Employers cut jobs for a sixth consecutive month<\/span><span style=\"font-weight:400;\"> amid low sales figures and low liquidity to pay employees. <\/span><\/li>\n<li><span style=\"font-weight:700\">The purchasing power of firms continued to decline<\/span><span style=\"font-weight:400;\"> due to rising input prices and slow demand, resulting in a further depletion of input inventories.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The reading got coverage overseas:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/world\/africa\/egypt-non-oil-activity-contracts-30th-month-prices-rise-pmi-2023-06-05\/&sa=D&source=editors&ust=1686023136924405&usg=AOvVaw2DeaTsj3EkiDmkJMjuX5ua\" style=\"\">Reuters<\/a><\/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;\">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\">Rapid expansion of Saudi private-sector continues: <\/span><span style=\"\">Saudi Arabia\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/ent.news\/2023\/6\/196.pdf&sa=D&source=editors&ust=1686023136925039&usg=AOvVaw2BdNKJg2SUv5fMsytA4g25\" style=\"\">PMI (pdf)<\/a><\/span><span style=\"\"> dropped to <\/span><span style=\"font-weight:400;\">58.5 in May from 59.6 in April but remained in rapid expansion, with firms reporting strong increases in demand, output and employment.<\/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\">Optimism in UAE reaches 2.5-year high:<\/span><span style=\"\">The UAE\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.google.com\/url?q=https:\/\/ent.news\/2023\/6\/199.pdf&sa=D&source=editors&ust=1686023136925547&usg=AOvVaw3L8M0i1T48skihrFBM5jrb\" style=\"\">PMI (pdf)<\/a><\/span><span style=\"\"> eased to 55.5 in May from 56.6 <\/span><span style=\"\">in April. Business confidence reached its strongest level since October 2021 as strengthening demand and rising employment drove optimism. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business activity declined for 30th consecutive month in May<\/p>\n","protected":false},"author":1,"featured_media":588082,"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":[104,72,185,6337],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-pmi","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"7a1dbfe7-a856-4c8e-838c-9f5ecade355f","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/248.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector contracts at softest pace in 15 months in May","related_issue":[588072],"teaser":"Business activity declined for 30th consecutive month in May","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.dcc28118-0af3-4220-a885-be07801481d6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s non-oil private sector contracts at softest pace in 15 months in May - 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\/06\/06\/egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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