{"id":618208,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/pmi-records-softer-but-still-solid-deterioration-in-march\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"pmi-records-softer-but-still-solid-deterioration-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/04\/pmi-records-softer-but-still-solid-deterioration-in-march\/","title":{"rendered":"PMI records \u201csofter but still-solid deterioration\u201d in March"},"content":{"rendered":"

Business activity was more or less unfazed by bigger IMF package, wave of reforms in <\/strong>March: <\/strong>Egypt\u2019s non-oil private sector activity saw a \u201csofter but still-solid deterioration\u201d in March due to persistent currency challenges and elevated inflationary pressures, according to S&<\/a>P<\/a>Global\u2019s Egypt Purchasing Managers\u2019 Index (pdf)<\/a>. <\/p>\n

Forty months in contraction: <\/font><\/strong>The index inched up to 47.6 in March, up from 47.1 in February<\/a>, marking the fortieth consecutive month that Egypt\u2019s PMI sat below the 50.0 threshold that separates growth from contraction. <\/p>\n

We had reason to believe things would turn around in March: <\/strong>We had hoped that the end of the FX shortage, death of the parallel market, and clearing of port backlogs \u2014 all stemming from the float of the EGP<\/a> \u2014 may put the private sector on a new trajectory. Over the past couple of weeks Egypt also secured an expanded IMF package, a USD 35 bn investment from the Gulf and funds from the EU and the World Bank \u2014 some of these funds have started trickling in<\/a> and some are due over the coming weeks and months<\/a>. <\/p>\n

S&P was also hopeful the wave of reforms would bear fruit: <\/strong>\u201cIt was also hoped that the central bank's intervention in early-March, consisting of an emergency 600 basis points interest rate hike and the floating of the [EGP], would start to reverse the damage,\u201d S&P Senior Economist David Owen wrote. And although survey data show that inflation has slowed to a three-month low, \u201cfirms are still lacking confidence that activity will grow over the year ahead, suggesting that economic risks may take more time to disappear,\u201d Owen added. <\/p>\n

Businesses have less faith in the economy: <\/strong>Sentiment towards future activity fell to its \u201cweakest level recorded in the series history\u201d on the back of concerns that \u201ceconomic conditions will remain depressed and bring sales down further.\u201d Although, firms have remained positive about the coming 12 months. <\/p>\n

New order volumes and business activity dropped \u201cmarkedly\u201d <\/strong>as elevated inflationary pressures, FX challenges, and price uncertainty continued to lead to a drop in client spending. <\/p>\n

Red Sea shipping disruptions remained a problem: <\/strong>Shipping issues contributed to material shortages causing a decline in vendor performance. <\/p>\n

On the bright side:<\/strong> New export orders rose for the first time since December 2022 thanks to stronger foreign demand. Businesses also raised their staffing for the first time in 2024, which helped to offset a reduction in February and ease the levels of backlogged work for the first time since June.<\/p>\n

ELSEWHERE IN THE REGION:<\/strong> Saudi Arabia and the UAE remained in expansion albeit at a softer pace, amid supply constraints and Red Sea shipping disruption. We dove into the details of the two countries\u2019 non-oil business performance for March in Wednesday\u2019s Enterprise Logistics<\/a>.<\/p>\n

News received attention from <\/strong>Reuters<\/a><\/strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Business activity was more or less unfazed by bigger IMF package, wave of reforms in March: Egypt\u2019s non-oil private sector activity saw a \u201csofter but still-solid deterioration\u201d in March due to persistent currency challenges and elevated inflationary pressures, according to S&PGlobal\u2019s Egypt Purchasing Managers\u2019 Index (pdf). Forty months in contraction: The index inched up to 47.6 […]<\/p>\n","protected":false},"author":1,"featured_media":618209,"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":[104,72,185,1653],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-pmi","tag-sp","wpautop","entry"],"acf":{"mongo_id":"17af29c8-54b5-4ecb-a4ff-92ad3b00f68d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2387.jpg","photo_position":"above","homepage_title":"PMI: \u201csofter but solid deterioration\u201d","full_issue_title":"Egypt\u2019s PMI records \u201csofter but still-solid deterioration\u201d in March","related_issue":[618201],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.f03ebe5e-3c04-47de-9093-f3aa55d07135.mp3"},"yoast_head":"\nPMI records \u201csofter but still-solid deterioration\u201d in March - 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\/2024\/04\/04\/pmi-records-softer-but-still-solid-deterioration-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PMI records \u201csofter but still-solid deterioration\u201d in March\" \/>\n<meta property=\"og:description\" content=\"Business activity was more or less unfazed by bigger IMF package, wave of reforms in March: Egypt\u2019s non-oil private sector activity saw a \u201csofter but still-solid deterioration\u201d in March due to persistent currency challenges and elevated inflationary pressures, according to S&PGlobal\u2019s Egypt Purchasing Managers\u2019 Index (pdf). 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Business activity contracted at a slightly slower pace during the month, with the index inching\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\/5\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/egypts-non-oil-private-sector-activity-falls-to-three-year-lows-as-covid-19-hits-output-new-orders\/","url_meta":{"origin":618208,"position":3},"title":"Egypt\u2019s non-oil private sector activity falls to three-year lows as covid-19 hits output, new orders","author":"enterpriseam admin","date":"6 April 2020","format":false,"excerpt":"Stung by covid-19 outbreak, non-oil business activity falls to three-year lows on declining output, dearth of new orders: Egypt\u2019s non-oil business activity continued to shrink in March as the the covid-19 pandemic caused \u201csharp downturns\u201d in output and new orders, according to IHS Markit\u2019s 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\/2020\/4\/44.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629905,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/04\/pmi-dips-unexpectedly-in-march\/","url_meta":{"origin":618208,"position":4},"title":"PMI dips unexpectedly in March","author":"enterpriseam admin","date":"4 April 2018","format":false,"excerpt":"Egypt\u2019s headline purchasing managers\u2019 index reading dipped to 49.2 in March from 49.7 a month earlier, according to the monthly report compiled by Markit. The drop was driven by downward movements in sub-components such as new orders and employment, with sentiment dipping to an eight-month low as well. The upside\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592419,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/pmi-continues-to-contract-at-a-softer-pace-in-july\/","url_meta":{"origin":618208,"position":5},"title":"PMI continues to contract at a softer pace in July","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"The PMI rose to 49.2 from 49.1 in June","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\/8\/215.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\/618208","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=618208"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618208\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618209"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618208"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618208"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}