{"id":619722,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/non-oil-private-sector-activity-drops-further-in-april-as-it-enters-41st-straight-month-of-contraction\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"non-oil-private-sector-activity-drops-further-in-april-as-it-enters-41st-straight-month-of-contraction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/non-oil-private-sector-activity-drops-further-in-april-as-it-enters-41st-straight-month-of-contraction\/","title":{"rendered":"Non-oil private sector activity drops further in April as it enters 41st straight month of contraction"},"content":{"rendered":"

Business activity at its second lowest point in the last 12 months despite hopes<\/strong> of a post-float rebound:<\/strong> Activity in Egypt\u2019s non-oil private sector activity slipped further in April, while inflationary pressures fell and business sentiment improved, according to S&P G<\/a>lobal\u2019s Egypt Purchasing Managers\u2019 Index (pdf).<\/a><\/p>\n

Forty-one months in contraction:<\/strong> The index inched down to 47.4 in April from 47.6 in March<\/a>, marking the 41st consecutive month that Egypt\u2019s PMI remained below the 50 threshold that separates growth from contraction.<\/p>\n

We\u2019re still yet to see an anticipated turn around in activity following the EGP float:<\/strong> The recent policy shifts, including the EGP float, the expanded IMF package, Gulf investments, and funds from international lenders have yet to fully feed through to the real economy. However, \u201cwhile we haven't yet seen much of an effect on the activity side of things, there has been a material impact on price pressures facing firms,\u201d S&P Global Market Intelligence Economics Associate Phil Smith said.<\/p>\n

\u201cApril\u2019s survey showed a considerable easing of inflationary pressures,\u201d <\/strong>with input cost inflation falling to its lowest level since March 2021. On the back of an easing of cost increases and continuing low demand, business also hiked prices at a slower rate during the month.<\/p>\n

Sentiment improved, but businesses are still pessimistic on growth prospects:<\/strong> Business confidence towards future activity over the next 12 months improved to a six-month high, reflecting hopes of exchange rate stability and easing inflation. However, the level of optimism remained low \u201cby historical standards,\u201d the survey read. \u201cVery few firms are anticipating growth in the coming year, in a sign of continued caution towards the outlook,\u201d Smith said.<\/p>\n

New order volumes continued to fall<\/strong> on the back of \u201cweak demand conditions, high prices and volatile exchange rates.\u201d Optimism that last month\u2019s uptick in export orders would continue was short lived, as export orders kept at the same level. <\/p>\n

As did staffing levels:<\/strong> Following a brief uptick in March, employment in the non-oil private sector renewed its decline in April, albeit at a marginal level. Salaries also increased with a rise in the cost of living, but at a slower pace.<\/p>\n

Reuters<\/a><\/strong> also had the story.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Sentiment improved, but businesses are still pessimistic on growth prospects<\/p>\n","protected":false},"author":1,"featured_media":619723,"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-619722","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":"506cdc0e-c483-4182-9aaa-be2abcf0a5f8","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/638.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s non-oil private sector activity drops further in April as it enters 41st straight month of contraction","related_issue":[619717],"teaser":"Sentiment improved, but businesses are still pessimistic on growth prospects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4651b37b-e15d-4ad8-a0d8-62d3f3361c41.mp3"},"yoast_head":"\nNon-oil private sector activity drops further in April as it enters 41st straight month of contraction - 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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":581069,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/egp-devaluation-pushes-private-sector-into-sharper-decline-in-january\/","url_meta":{"origin":619722,"position":1},"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":598867,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/egypts-non-oil-business-activity-falls-back-into-contraction-territory-in-may\/","url_meta":{"origin":619722,"position":2},"title":"Egypt\u2019s non-oil business activity falls back into contraction territory in May","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Non-oil business activity fell back into contraction territory in May: Non-oil business activity contracted in May after having expanded the previous month for the first time since August 2018. The latest purchasing managers\u2019 index fell to 48.2, down from 50.8 in April, signalling \"a moderate deterioration in the health of\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\/6\/1122.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588081,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may\/","url_meta":{"origin":619722,"position":3},"title":"Egypt\u2019s non-oil private sector contracts at softest pace in 15 months in May","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Business activity declined for 30th consecutive month 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\/6\/248.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":619722,"position":4},"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":559805,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/private-sector-sentiment-still-in-contraction-territory\/","url_meta":{"origin":619722,"position":5},"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 "SENTIMENT"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619722","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=619722"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619722\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619723"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619722"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619722"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}