{"id":605809,"date":"2023-09-06T00:00:00","date_gmt":"2023-09-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/06\/non-oil-private-sector-activity-contracts-at-same-pace-in-august\/"},"modified":"2023-09-06T00:00:00","modified_gmt":"2023-09-06T00:00:00","slug":"non-oil-private-sector-activity-contracts-at-same-pace-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/06\/non-oil-private-sector-activity-contracts-at-same-pace-in-august\/","title":{"rendered":"Non-oil private sector activity contracts at same pace in August"},"content":{"rendered":"

Contraction in business activity stabilizes: <\/strong>Activity in Egypt\u2019s non-oil private sector shrank at the same rate in August as the month before<\/a>, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. The headline PMI reading came in at 49.2 for a second consecutive month \u2014 its highest level since August 2021 \u2014- suggesting conditions have \u201csomewhat stabilized in recent months after a prolonged period of contraction,\u201d said David Owen, senior economist at S&P Global Market Intelligence. The reading is still below the 50.0 threshold that separates growth from contraction, making August the 33rd consecutive month that business activity has been in decline.<\/p>\n

TL;DR- <\/strong>\u201cThe 49.2 reading was the joint-highest in two years alongside July's figure, as output and new orders fell at modest rates while employment and inventories moved into expansion territory,\u201d said Owen. \u201cHowever, a pick-up in inflationary pressures was also indicated by the August survey findings, with some firms noting that a faster increase in input costs had reduced overall activity.\u201d<\/p>\n

Inflation continues to stymie growth: <\/strong>The weaker USD-EGP exchange rate, raw materials shortages, and wage pressures led to continued price pressures in August. Businesses raised selling prices at a faster rate last month <\/strong> than they did in July as input costs and expenses rose. Persistently high inflation meant that output and new orders continued to decline albeit modestly as some respondents pointed to a recovery in market demand. <\/p>\n

Something\u2019s gotta give: <\/strong>\u201cComments from surveyed companies suggest that exchange rate problems and cost of living pressures will need to be fully addressed before the country can escape the detrimental effects of inflation which currently runs at a record high,\u201d Owen said.<\/p>\n

Remember: <\/strong>Inflation hit another all-time high<\/a> of 36.5% y-o-y in July thanks to surging food costs and the impact of a series of devaluations. Data for August will be released on 10 September.<\/p>\n

Looking into the crystal ball: <\/strong>Only 9% of respondents shared a positive outlook for the coming year \u2014 up just marginally from the near-record lows seen in recent months, as businesses continued to fret over a potential recession. <\/p>\n

The release received attention internationally: <\/strong>Reuters<\/a>.<\/p>\n

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

Growth in business activity in Saudi Arabia slowed to an 11-month low: <\/strong> The country\u2019s PMI<\/a> (pdf)<\/a> fell to 56.6 from 57.7 in July \u2014 still well above the 50.0 threshold for growth \u2014 as output growth eased and demand fell. <\/p>\n

Business confidence reached a post-pandemic high in the UAE <\/strong> as rising new orders, higher tourism figures, and more investment spurred optimism. The country\u2019s PMI<\/a> (pdf)<\/a> stood at 55.0, down from 56.0 the month before but still marking rapid expansion. <\/p>\n","protected":false},"excerpt":{"rendered":"

This was the 33rd consecutive month of contraction<\/p>\n","protected":false},"author":1,"featured_media":605810,"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":[104,72,185,6337,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-pmi","tag-sp-global","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b2901184-ee7b-445d-9851-bac0effcb26c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/519.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector activity contracts at same pace in August","related_issue":[605804],"teaser":"This was the 33rd consecutive month of contraction","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.5f3ab41c-7fe0-4b85-81af-9bec2b09b505.mp3"},"yoast_head":"\nNon-oil private sector activity contracts at same pace in August - 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The PMI index was flat month-on-month at 47.6, remaining below the 50.0 threshold that separates growth from contraction for the twenty-second consecutive month.\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\/10\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593651,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-non-oil-business-activity-improves-marginally-in-september-but-remains-in-contraction-territory\/","url_meta":{"origin":605809,"position":1},"title":"Egypt\u2019s non-oil business activity improves marginally in September, but remains in contraction territory","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Non-oil business activity improves marginally in September, but remains in contraction territory: Egypt\u2019s non-oil private sector continued to contract in September, albeit at a slightly lower rate than August, as output fell for the second consecutive month, according to the Markit \/ Emirates NBD purchasing managers\u2019 index (PMI) (pdf). The\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\/10\/1525.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584762,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/05\/the-private-sector-slump-continues-in-march\/","url_meta":{"origin":605809,"position":2},"title":"The private-sector slump continues in March","author":"enterpriseam admin","date":"5 April 2023","format":false,"excerpt":"Inflation and the EGP deval continued to weigh on output and demand","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\/4\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589633,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/the-pmi-was-in-contraction-territory-again-in-june\/","url_meta":{"origin":605809,"position":3},"title":"The PMI was in contraction territory again in June","author":"enterpriseam admin","date":"6 July 2023","format":false,"excerpt":"The PMI rose to 49.1 from 47.8 in May","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\/7\/129.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":605809,"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":576986,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/","url_meta":{"origin":605809,"position":5},"title":"Private sector activity contracts for 23rd consecutive month","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605809","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=605809"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605809\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/605810"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605809"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605809"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}