Egypt's stocks mixed on Tuesday as main gauge EGX 30 falls 0.63%    IMF upgrades Egypt's real GDP growth 2022 forecasts to 5.6%    Al Khair River starts trading on Egypt's stock exchange today    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's PMI unchanged in Nov as higher inflation expectations weigh on: IHS
Published in Amwal Al Ghad on 05 - 12 - 2021

Egypt's non-oil private sector activity shrank for the 12th month in a row in November as inflation expectations surge leading new business orders to drop by their fastest space in a year, an IHS Markit survey revealed on Sunday.
IHS Markit's Purchasing Managers' Index (PMI) recorded 48.7 below the 50.0 threshold that separates growth from contraction but unchanged from October.
"A sharp rise in business costs continued to drive higher selling prices and lower demand across the Egyptian non-oil economy during November," IHS Markit survey read.
"The decline in business conditions was led by a reduction in output levels in November. Activity fell for the third month in a row, with the rate of contraction largely similar to that seen in October. Panellists mentioned that a loss of client demand and slowdowns due to global supply chain issues were often behind the downturn."
In addition, the input cost inflation sub-index, at 63.7, was at its second-fastest in over three years, beaten only by October's 64.5.
"Companies noted that higher selling prices often deterred customer spending in the domestic market."
The sub-index for future output expectations fell to 60.6, its lowest level in a year compared to 65.0 in October, with higher inflation forecasts weighing on sentiment.
The output sub-index surged to 47.7 from 47.5 in October, while the new orders sub-index went down to 48.6 from 48.7.
"Higher fuel and shipping costs often led to increased prices, including for raw items such as foodstuff and paper," IHS Markit stated, adding that companies also raised wages in response to an uptick in living expenses.
Commenting on the survey results, David Owen, economist at IHS Markit, said: "Inflationary pressures and supply shortages were again the most prominent depressors of Egypt's non-oil economy in November. Output was down for the third month in a row, matched by a third consecutive decline in new business as higher selling prices deterred client spending in the domestic economy." "Increased shipping and energy prices continued to burden firms with rising input costs, leaving them to fight for profit margins through a sharp increase in charges. Whilst easing from October, the rate of output price inflation was the second-quickest since mid-2018, providing more ominous signs about the trajectory of consumer prices."


Clic here to read the story from its source.