{"id":15337,"date":"2022-03-07T16:28:57","date_gmt":"2022-03-07T16:28:57","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=15337"},"modified":"2022-03-07T16:00:05","modified_gmt":"2022-03-07T16:00:05","slug":"business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi","title":{"rendered":"Business conditions rebound in February as Omicron wave passes \u2013 Standard Bank Mozambique PMI\u2122"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Key findings:<\/b><\/p>\n

The Mozambique PMI signalled renewed growth across the private sector economy in February, as a sharp drop in COVID-19 cases linked to the Omicron variant led to a rebound in sales and customer demand. In response, business activity levels were expanded, although there were reductions in both staffing levels and input purchases. The upturn in sales gave firms greater confidence in future activity and contributed to a renewed uptick in selling prices<\/p>\n

The headline figure derived from the survey is the Purchasing Managers\u2019 Index\u2122 (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.<\/p>\n

At 51.2 in February, the index was back above the 50.0 neutral mark after having slipped to a 16-month low of 46.7 in January. The reading signalled a modest improvement in operating conditions across the private sector. Three elements of the PMI had a positive influence, namely Output, New Orders and Stocks of Purchases which all returned to growth.<\/p>\n

The rise in business activity was solid in February, and the joint-quickest since July last year. Higher output was widely linked by panellists to a renewed increase in sales, as a sharp fall in COVID-19 cases prompted an improvement in customer demand. After expanding in just one of the five monitored sectors in January, the latest data signalled that output and new business grew in all areas except for agriculture.<\/p>\n

Despite the renewed uplift in business conditions, the Omicron wave continued to impact firms\u2019 purchasing and hiring decisions. Input buying levels fell for the third month running, albeit to the least extent in this sequence. More notably, employment levels decreased for the first time in ten months, as firms continued to highlight spare capacity and lower backlogs.<\/p>\n

On the cost front, Mozambican businesses saw a renewed uptick in purchase prices and a further increase in staff salaries in February. However, with purchases falling still, overall input costs dropped for the second month running and at a faster rate.<\/p>\n

Output charges were meanwhile raised by private sector firms, following a slight reduction in the previous month as the Omicron wave hit demand. Notably though, the rate of output price inflation was softer than those seen in the seven months prior to January.<\/p>\n

Finally, the outlook for future activity jumped to the strongest level since July last year, as rising new orders gave firms greater confidence in the near-term performance of the economy. Increased sales also led firms to expand their stocks of purchases for the first time<\/p>\n

in three months, which was helped by a solid improvement in suppliers\u2019 delivery times.<\/p>\n

Comment<\/b><\/p>\n

F\u00e1usio Muss\u00e1, Chief Economist \u2013 Mozambique at Standard Bank commented:<\/p>\n

\u201cStandard Bank PMI signalled a recovery in economic activity in February as the index printed above the 50-benchmark. This mainly reflects an easing in health restrictions, following a material decline in Covid-19 daily infections.<\/p>\n

\u201cWhile the PMI suggests that the economic recovery is broad based, we noticed that Agriculture is still experiencing a temporary deceleration in growth. Mozambique remains affected by heavy rains, which negatively impacts agricultural production in many regions. The rainy season, which runs from November to March, already shrank agricultural output growth to 4.1% y\/y in Q4:21, from 4.9% y\/y in Q3:21.<\/p>\n

\u201cThe PMI suggest that firms continue to expect growth in business as the future expectations index prints higher. This is consistent with our GDP growth views expressed in the January edition of Standard Bank\u2019s African Revealed Markets (AMR), where we see growth at 3.1% y\/y this year, from 2.2% y\/y in 2021. Economic activity should continue to benefit from the easing in health restrictions and from security improvements in Cabo Delgado that may assist natural gas investment. This, combined with expectations of an IMF extended credit facility (ECF) program being agreed by mid-year, should see external support increase from H2:22.\u201d<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Key findings: The Mozambique PMI signalled renewed growth across the private sector economy in February, as a sharp drop in COVID-19 cases linked to the Omicron variant led to a rebound in sales and customer demand. In response, business activity levels were expanded, although there were reductions in both staffing levels and […]<\/p>\n","protected":false},"author":84,"featured_media":15336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-15337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBusiness conditions rebound in February as Omicron wave passes \u2013 Standard Bank Mozambique PMI\u2122 - Mozambique<\/title>\n<meta name=\"description\" content=\"Key findings: The Mozambique PMI signalled renewed growth across the private sector economy in February, as a sh ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business conditions rebound in February as Omicron wave passes \u2013 Standard Bank Mozambique PMI\u2122\" \/>\n<meta property=\"og:description\" content=\"Key findings: The Mozambique PMI signalled renewed growth across the private sector economy in February, as a sh ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-07T16:28:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-62262bf19dc2e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"980\" \/>\n\t<meta property=\"og:image:height\" content=\"551\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Business conditions rebound in February as Omicron wave passes \u2013 Standard Bank Mozambique PMI\u2122\",\"datePublished\":\"2022-03-07T16:28:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\"},\"wordCount\":662,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-62262bf19dc2e.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/business-conditions-rebound-in-february-as-omicron-wave-passes-standard-bank-mozambique-pmi\",\"name\":\"Business conditions rebound in February as Omicron wave passes \u2013 Standard Bank Mozambique PMI\u2122 - 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