{"id":589633,"date":"2023-07-06T00:00:00","date_gmt":"2023-07-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/the-pmi-was-in-contraction-territory-again-in-june\/"},"modified":"2023-07-06T00:00:00","modified_gmt":"2023-07-06T00:00:00","slug":"the-pmi-was-in-contraction-territory-again-in-june","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/the-pmi-was-in-contraction-territory-again-in-june\/","title":{"rendered":"The PMI was in contraction territory again in June"},"content":{"rendered":"

<\/span>A brighter June for Egypt\u2019s non-oil private sector: <\/span>The contraction in Egypt\u2019s <\/span>non-oil private sector slowed to its softest pace in almost two years on the back of easing inflation pressures, according to S&P Global\u2019s <\/span>purchasing managers\u2019 index (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span>. The country\u2019s PMI rose for the third consecutive month to reach 49.1 in June, up from <\/span>47.8 in May<\/a><\/span>. This is the highest reading since August 2021 \u2014 but still below the 50.0 mark that separates growth from contraction, making June the 31st consecutive month that business activity has been in decline.<\/span><\/p>\n

Output + new orders drove the gentler contraction in June: <\/span>\u201cBehind June's sustained uplift in the PMI were output and new orders, which similarly showed rates of decline softening amid reports from some survey members that demand conditions were beginning to show green shoots of recovery,\u201d said Joe Hayes, principal economist at S&P Global Market Intelligence. While non-oil private sector output continued to contract, driven by price pressures, liquidity <\/span>challenges, and<\/span> weak demand, it did so at its weakest rate in 21 months. New work intake similarly continued to fall as a result of high prices and subdued economic conditions but did so at its softest rate since December 2021. <\/span><\/p>\n

Domestic demand lifted by easing inflation \u2014 but overseas orders fall sharply:<\/span> Local clients drove purchasing orders in June as input cost inflation came in at a 16-month low driven by a slower uptick in purchase costs, allowing output charges to rise at a slightly weaker rate. However, new export orders fell at their sharpest rate in nine months. <\/span><\/p>\n

REMEMBER- Annual inflation rose to <\/span>32.7% y-o-y in May<\/a><\/span> and is expected to remain high following hikes to diesel and subsidized food prices. Capmas and the central bank should release June\u2019s inflation figures on 10 July. <\/span>The PMI inflation gauge measures businesses\u2019 perception of how prices are changing<\/span>, while Capmas calculates the official figure based on the price of a basket of goods and services. <\/span><\/p>\n

Confidence is near an all-time low, despite softer contractions across the board: <\/span>\u201cBusiness confidence fell to its second-lowest level on record, highlighting a somber mood amongst businesses across Egypt's non-oil private economy,\u201d said Haye<\/span>s. \u201cIf ke<\/span>y survey indicators such as output and new orders can sustain their upward current trajectory, we may see an improvement in business sentiment in the coming months,\u201d he added.<\/span><\/p>\n

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

Saudi expansion continues:<\/span> Activity in Saudi Arabia\u2019s private sector recorded sharp growth in <\/span>June with the <\/span>PMI (pdf)<\/a><\/span> rising to 59.6 from 58.5 in May, as both output and new orders rose at accelerated rates. Employment remained high, with some firms increasing wages to maintain experienced staff.<\/span><\/p>\n

UAE firms see new demand hit four-year high: <\/span>The UAE\u2019s <\/span>PMI (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span> rose to 56.9 in June <\/span>from 55.5 the month before, as strengthening business conditions caused output and new orders in the country\u2019s non-oil private sector to rise rapidly. New orders were supported by an increase in overseas demand.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The PMI rose to 49.1 from 47.8 in May<\/p>\n","protected":false},"author":1,"featured_media":589634,"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-589633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"4540ea74-5a08-4d70-a932-e08737081ebc","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/129.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector activity contracts at weakest rate in 22 months in June","related_issue":[589622],"teaser":"The PMI rose to 49.1 from 47.8 in May","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.eb98a64f-9311-493d-8f28-b688d53b7c17.mp3"},"yoast_head":"\nThe PMI was in contraction territory again in June - 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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":629709,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/07\/egypts-pmi-picks-up-to-its-highest-level-in-three-years-nears-growth\/","url_meta":{"origin":589633,"position":3},"title":"Egypt\u2019s PMI picks up to its highest level in three years, nears growth","author":"enterpriseam admin","date":"7 July 2024","format":false,"excerpt":"Egypt\u2019s PMI rose to 49.9 in June, marginally below 50.0 growth mark","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\/2024\/7\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581069,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january\/","url_meta":{"origin":589633,"position":4},"title":"EGP devaluation pushes private sector into sharper decline in January","author":"enterpriseam admin","date":"6 February 2023","format":false,"excerpt":"Egypt\u2019s non-oil private sector contracts for the 26th consecutive month.","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\/2\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544469,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/pmi-says-youre-not-optimistic-but-our-survey-said-you-are\/","url_meta":{"origin":589633,"position":5},"title":"PMI says you\u2019re not optimistic, but our survey said you are\u2026","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Non-oil business activity in Egypt saw a \u201csolid decline\u201d in February as inflationary pressures continued to impact business confidence and demand, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) survey (pdf). 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