{"id":622371,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypts-non-oil-private-sector-inches-closer-to-growth\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"egypts-non-oil-private-sector-inches-closer-to-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/egypts-non-oil-private-sector-inches-closer-to-growth\/","title":{"rendered":"Egypt\u2019s non-oil private sector inches closer to growth"},"content":{"rendered":"

Business activity inches closer to growth:<\/strong> Egypt\u2019s non-oil private sector activity picked up to its highest level in almost three years in May, with cooling inflation and growing confidence pushing it to the verge of growth, the S&P Global\u2019s Egypt Purchasing<\/a>Managers\u2019 Index<\/a>(pdf)<\/a> showed.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Growth territory? Almost there:<\/strong> The index rose to its highest level since August 2021 to 49.6, up from 47.4<\/a> in April and just shy of the 50 threshold that separates growth from contraction. Egypt\u2019s PMI has been in contraction for 42 straight months.<\/p>\n

Leading the improvement: <\/strong>\u201cThe output and new orders metrics closed most of their gaps to the 50.0 growth threshold, with the services and construction sectors even seeing a turnaround in activity as comments suggest that greater price stability fuelled client spending,\u201d S&P\u2019s Senior Economist David Owen noted.<\/p>\n

Still reaping the rewards of the float:<\/strong> Improved foreign currency availability in the wake of hard currency inflows returning to the official banking system following the float of the EGP and FX and inflows from the Ras El Hekma agreement and international partners landing in the state coffers. This has spurred \u201cgreater price stability and stronger confidence\u201d among firms and drove input cost inflation down for a third consecutive month. <\/p>\n

More staff, better salaries.<\/strong> Improved confidence pushed companies to hire more. Meanwhile, higher cost-of-living pressures pushed businesses to raise salaries at one of the fastest rates in more than three years. <\/p>\n

Recovery is yet to pick up across other sectors:<\/strong> \u201cOngoing downturns in industries such as manufacturing and wholesale & retail show that the recovery is still lopsided and may take more time to spread across the economy,\u201d said Owen.<\/p>\n

The story received coverage from: <\/strong>Bloomberg<\/a> and Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s PMI rose to 49.6 in May, verging on the edge of growth<\/p>\n","protected":false},"author":1,"featured_media":622372,"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-622371","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":"00137b19-6fbc-49ee-a1f2-1f5ad0b91e46","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/412.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Contraction in Egypt\u2019s non-oil private sector eases in May as activity picks up to its highest level in over three years","related_issue":[622362],"teaser":"Egypt\u2019s PMI rose to 49.6 in May, verging on the edge of growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.d47b720e-867b-4e8d-896e-7f1a212c51c4.mp3"},"yoast_head":"\nEgypt\u2019s non-oil private sector inches closer to growth - 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\/06\/05\/egypts-non-oil-private-sector-inches-closer-to-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s non-oil private sector inches closer to growth\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s PMI rose to 49.6 in May, 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"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":544469,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/pmi-says-youre-not-optimistic-but-our-survey-said-you-are\/","url_meta":{"origin":622371,"position":2},"title":"PMI says you\u2019re not optimistic, but our survey said you are\u2026","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Non-oil business activity in Egypt saw a \u201csolid decline\u201d in February as inflationary pressures continued to impact business confidence and demand, according to IHS Markit\u2019s purchasing managers\u2019 index (PMI) survey (pdf). 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 "Economy"","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":557079,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/egypts-private-sector-is-responding-to-rising-inflation-by-buying-a-lot\/","url_meta":{"origin":622371,"position":3},"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":594685,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-non-oil-business-activity-shrinks-again-in-august\/","url_meta":{"origin":622371,"position":4},"title":"Egypt\u2019s non-oil business activity shrinks again in August","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Non-oil business activity shrinks again in August: Falling output caused activity in Egypt\u2019s non-oil private sector to contract in August after a month of expansion in July, according to the Markit\/Emirates NBD purchasing managers\u2019 index (PMI) (pdf). The PMI gauge fell to 49.4 in August from 50.3 in July, indicating\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\/9\/3005.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599829,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/13\/non-oil-business-activity-in-egypt-contracts-for-fourth-consecutive-month-but-at-a-slower-pace\/","url_meta":{"origin":622371,"position":5},"title":"Non-oil business activity in Egypt contracts for fourth consecutive month, but at a slower pace","author":"enterpriseam admin","date":"13 January 2019","format":false,"excerpt":"Purchasing managers\u2019 index rises in December to four-month high, remains in contraction range: Non-oil business activity in Egypt contracted for the fourth consecutive month in December, but at a slower pace than the previous two months, according to the Markit \/ Emirates NBD purchasing managers\u2019 index (pdf). 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