Economic Indicators

Egypt January non-oil business shrinks on inflation, Gaza-PMI

2024.02.05 00:44


© Reuters. FILE PHOTO: Birds fly throughout sundown with Cairo skyline seen within the background, throughout foggy chilly climate, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

CAIRO (Reuters) – Non-oil personal sector exercise in Egypt shrank for a thirty eighth month in January as inflation stress and the battle in Gaza continued to weigh on demand, a survey confirmed on Monday.

The S&P Global Purchasing Managers’ Index (PMI) for Egypt edged right down to 48.1 from 48.5 in December, remaining beneath the 50.0 threshold that marks progress in exercise.

“The ongoing decline coincided with solid contractions in output and new orders during January, amid evidence that high prices had continued to weaken client demand,” S&P Global mentioned.

Egypt’s city shopper inflation slid to an annual 33.7% in December from 34.6% in November and a historic excessive of 38.0% in September, in accordance with the state statistics company CAPMAS.

“Some firms signalled that the Israel-Gaza conflict and associated geopolitical tensions had a negative impact on tourism activity, which could lead to further headwinds for the non-oil economy over the next few months,” mentioned S&P economist David Owen.

The subindex for brand spanking new orders slid to 46.4 from 46.9 December, whereas the output subindex inched right down to 46.6 from 46.7.

The subindex for business sentiment declined to 52.1 from December’s 55.1, however nonetheless above November, when it hit 50.9, its lowest stage for the reason that business confidence subindex was created in 2012.

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