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Financial News: Egypt Non-Oil Private Sector Contracts Further On Inflatio

Egypt Non-Oil Private Sector Contracts Further On Inflationary Pressures

01/04/2023 - 02:36:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector continued to deteriorate at the end of the year, as new business and activity was negatively affected by rising inflation,  survey data from S&P Global showed on Wednesday.

The Purchasing Managers' Index, or PMI, rose to 47.2 in December from 45.4 in November. However, any reading below 50 indicates contraction in the sector.

The index remained below the neutral mark of 50.0 for the twenty-fifth month running in December, though at a slower pace than in November.

Both output and new orders fell sharply at the end of the year, albeit at slower rates. Lower activity was attributed to weak demand conditions, as rising prices led customers to make additional cuts to spending.

The drop in purchasing activity in December also slowed output levels, which fell at the strongest rate since June for the twelfth consecutive month.

On the price front, input price inflation remained sharp amid higher material costs, which was caused by the weak value of the Egyptian pound against the US dollar. Subsequently, output charges rose at a sharp pace that was broadly unchanged from the previous month.

In December, Egyptian non-oil firms reduced their staffing levels for the second time in three months.

Output expectations improved to their highest level since June, but the economic outlook remained subdued.

"On a positive note, hopes that inflation will be tamed in 2023 through interest rate hikes and the subsequent slowing of demand meant that firms were more optimistic for activity in the year-ahead, with sentiment climbing higher from October's record low," David Owen, economist at S&P Global Market Intelligence, said.

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