Back to the complete issue
Wednesday, 6 June 2018

PMI sees business conditions declining in May

Business conditions in the non-oil private sector declined during May, according to the Emirates NBD PMI reading (pdf) compiled by Markit. The gauge slipped back to 49.2 in May from 50.1 in April. Last month’s reading had shown business conditions stabilizing with new export orders rising for the fourth month.

A “marginal” decline in new orders and output formed the basis for the contraction, “with panel members citing weaker demand. … Reductions in both output and new business were only marginal, however, and slower than their respective averages,” notes the report.

On a positive note, non-oil private sector business purchasing expanded for the eighth consecutive month during May. “Panel members largely attributed the increase to planned business expansions. Moreover, the rate at which buying levels rose accelerated from April to a four-month high.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.