{"id":592419,"date":"2023-08-06T00:00:00","date_gmt":"2023-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/pmi-continues-to-contract-at-a-softer-pace-in-july\/"},"modified":"2023-08-06T00:00:00","modified_gmt":"2023-08-06T00:00:00","slug":"pmi-continues-to-contract-at-a-softer-pace-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/pmi-continues-to-contract-at-a-softer-pace-in-july\/","title":{"rendered":"PMI continues to contract at a softer pace in July"},"content":{"rendered":"

More improvement in July for business activity: <\/strong>The contraction in Egypt\u2019s non-oil private sector slowed to its softest pace in nearly two years in July, suggesting \u201cinitial pointers of a recovery in market demand following a lengthy downturn,\u201d according to S&P Global\u2019s purchasing managers\u2019 index (PMI) (pdf)<\/a>. The country\u2019s PMI rose for a fourth consecutive month to hit 49.2 in July from 49.1 in June<\/a>. This is the highest reading since August 2021 but remains below the 50.0 mark that separates growth from contraction, making July the 32nd consecutive month that business activity has been in decline.<\/p>\n

Output + new orders once again drove the gentler contraction in July: <\/strong>Rates of decline continued to soften in output and new orders, continuing the improvement seen a month before. \u201cBusiness activity dropped at the weakest rate in almost two years\u2026 The decline in new orders also showed further signs of softening, as firms reported initial pointers of a recovery in market demand following a lengthy downturn,\u201d said David Owen, Senior Economist at S&P Global Market Intelligence. Output decreased across all sectors but at its softest rate in almost two years as some businesses noted a recovery in demand that saw new orders decline only modestly. The improved conditions saw inventories and staffing levels near stabilization. <\/p>\n

Has inflation peaked for businesses? <\/strong>High prices continued to dampen spending as input cost inflation ticked up slightly, but selling prices rose at their weakest rate since April 2022 as companies continued to absorb inflationary costs. \u201cIf the demand recovery spreads and official inflation metrics show a softening, we could see a pick-up in sentiment soon,\u201d Owen said.<\/p>\n

REMEMBER - Annual Inflation hit a record high of <\/strong>35.7% y-o-y<\/a><\/strong> during June, up from 32.7% in May. Capmas and the central bank should release July\u2019s inflation figures on 10 August.<\/p>\n

Confidence remains close to record lows:<\/strong> \"Despite the general movement back to stabilization territory, firms are still fairly subdued about the future, with just 6% expecting output to grow over the next 12 months,\" Owen noted.<\/p>\n

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

Saudi Arabia\u2019s PMI (<\/a><\/strong>pdf<\/a><\/strong>)<\/a><\/strong> dropped to 57.7 in July<\/strong>, from 59.6 in June. The pace of growth remains strong but marks a seven-month low for the country on the back of ongoing market repricing adjustments and the rising cost of capital. <\/p>\n

The UAE\u2019s PMI (<\/a><\/strong>pdf<\/a><\/strong>)<\/a><\/strong> also dropped to 56.0 in July<\/strong> from 56.9 in June. Business activity grew at a slightly slower pace as sales expansion slowed to a four-month low.<\/p>\n","protected":false},"excerpt":{"rendered":"

The PMI rose to 49.2 from 49.1 in June<\/p>\n","protected":false},"author":1,"featured_media":592420,"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-592419","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":"e41ffc38-3170-485c-961f-1af6a755be69","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/215.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector activity contracts at weakest rate in 23 months in July","related_issue":[592412],"teaser":"The PMI rose to 49.2 from 49.1 in June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.a7660e52-24c5-465b-a272-fde28b25ad0b.mp3"},"yoast_head":"\nPMI continues to contract at a softer pace in July - 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The PMI rose\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\/2021\/1\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592355,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/this-evening-pmi-rises-again-in-july-but-remains-in-contraction-territory\/","url_meta":{"origin":592419,"position":2},"title":"THIS EVENING: PMI rises again in July, but remains in contraction territory","author":"enterpriseam admin","date":"3 August 2023","format":false,"excerpt":"Good afternoon friends, and HAPPY THURSDAY. We\u2019re finally at the tail-end of the week, although there remain a few loose ends to tie up as the Central Bank of Egypt\u2019s Monetary Policy Committee is set to review interest rates at its meeting later this evening. THE BIG STORY TODAYPrivate sector\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/1149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-non-oil-business-activity-grows-in-july-after-two-months-of-contraction\/","url_meta":{"origin":592419,"position":3},"title":"Egypt\u2019s non-oil business activity grows in July after two months of contraction","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"Non-oil business activity grows in July after two months of contraction: A slight growth in output and new orders in July brought non-oil business activity back to expansion territory after two months of contraction,according to the Markit \/ Emirates NBD purchasing managers' index (PMI) gauge (pdf). July\u2019s PMI hit 50.3,\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\/2020\/2\/120.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":592419,"position":4},"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":605809,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/06\/non-oil-private-sector-activity-contracts-at-same-pace-in-august\/","url_meta":{"origin":592419,"position":5},"title":"Non-oil private sector activity contracts at same pace in August","author":"enterpriseam admin","date":"6 September 2023","format":false,"excerpt":"This was the 33rd consecutive month of contraction","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\/9\/519.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\/592419","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=592419"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592419\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592420"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592419"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592419"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}