{"id":614683,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/"},"modified":"2024-02-06T00:00:00","modified_gmt":"2024-02-06T00:00:00","slug":"non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/non-oil-private-sector-remains-in-contraction-as-inflation-weighs-on-demand-dims-business-confidence\/","title":{"rendered":"Non-oil private sector remains in contraction as inflation weighs on demand, dims business confidence"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Business activity kicks off the year with \u201cmodest deterioration\u201d:<\/strong> Non-oil private sector activity saw another month of contraction in January as inflationary pressures dampened demand and pushed business sentiment for the next 12 months to one of the lowest on record, according to S&amp;P Global\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/282.pdf\" style=\"\" rel=\"noopener\">purchasing managers\u2019 index (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers:<\/strong> The index fell to 48.1 in January from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06ab7cae-4ca9-48ab-b8f6-3d047796526f\" style=\"\" rel=\"noopener\">48.5 in December<\/a>, logging a three-month low and remaining below the 50 threshold that separates growth from contraction for the 38th straight month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe drop was partly due to a faster decline in order book volumes,<\/strong> which in turn are still being impacted by inflationary pressures,\u201d S&amp;P Senior Economist David Owen wrote. Moreover, a weak EGP and import restrictions drove production costs and output prices to accelerate at their sharpest rates in 12 months, leading to a greater share of cost burdens being passed onto customers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Can a tourism slowdown spill over to the rest of the economy? <\/strong>Some companies warned that the negative impact of the ongoing war in Gaza and geopolitical tensions on the tourism sector \u201ccould lead to further headwinds for the non-oil economy over the next few months,\u201d Owen wrote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story got ink in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-january-non-oil-business-shrinks-inflation-gaza-pmi-2024-02-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE REGION-<\/strong><\/p>\n<ul>\n<li><strong>Saudi growth eases: <\/strong>Lukewarm demand and rising cost pushed Saudi Arabia\u2019s PMI to its lowest level in two years in January to 55.4, down from 57.5 in December, according to S&amp;P\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/283.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a>.<\/li>\n<li><strong>UAE maintains strong growth:<\/strong> Strong output and rising new business inflows led to a \u201cmarked uplift in activity\u201d in the UAE, albeit at a slower rate. The country\u2019s PMI recorded 56.6 in January, down from 57.4 in December, S&amp;P\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/286.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a> showed.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s PMI fell to a three-month low of 48.1 from 48.5 in December<\/p>\n","protected":false},"author":1,"featured_media":614684,"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":[104,1419,72,182,185,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-egp","tag-enterpriseam","tag-inflation","tag-pmi","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"404497ab-92c9-4499-979b-65b020b806a1","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/332.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector remains in contraction as inflation weighs on demand, dims business confidence","related_issue":[614678],"teaser":"Egypt\u2019s PMI fell to a three-month low of 48.1 from 48.5 in December","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.79c9573f-cc2c-49bc-9716-3f356a802c33.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The contraction eased slightly to 48.1 from 47.9 in January but concerns about economic conditions sent confidence levels to\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/54.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/inflation-hits-private-sector-activity-in-march\/","url_meta":{"origin":614683,"position":1},"title":"Inflation hits private sector activity in March","author":"enterpriseam admin","date":"6 April 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector saw its sharpest decline in 21 months in March as the effects of the Russia-Ukraine war and the devaluation of the EGP hit output and new orders, according to S&P Global\u2019s purchasing managers\u2019 index (PMI) survey (pdf). Rising inflation and slowing demand caused activity\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/136.png?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":614683,"position":2},"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 &quot;Economy&quot;","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":559805,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/private-sector-sentiment-still-in-contraction-territory\/","url_meta":{"origin":614683,"position":3},"title":"Private sector sentiment still in \u201ccontraction\u201d territory","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"Non-oil private sector activity in Egypt continued to contract in January, albeit at a slower pace as falls in output and orders tempered, according to IHS Markit purchasing managers\u2019 index (PMI) figures (pdf). The PMI gauge edged up a little from 48.2 in December to 48.7 in January, below the\u2026","rel":"","context":"In &quot;SENTIMENT&quot;","block_context":{"text":"SENTIMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/sentiment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/85.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582462,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling\/","url_meta":{"origin":614683,"position":4},"title":"Private sector contracts at a slower pace in February amid signs inflation could be cooling","author":"enterpriseam admin","date":"6 March 2023","format":false,"excerpt":"Due to contraction to persistently high inflation as supply chain pressures","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/PMI-5-3-2023-1600-px.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":614683,"position":5},"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 &quot;Economy&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614683","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=614683"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614683\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/614678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614684"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614683"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614683"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}