Egypt’s non-oil private sector sees strongest growth in five years in November, PMI shows

Egypt’s non-oil private sector recorded its fastest growth in five years in November, driven by sharp increases in output and new orders, a business survey showed on Wednesday.

The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 51.1 last month from 49.2 in October, topping the 50.0 threshold that separates growth from contraction for the first time since February.

That marked the index’s highest level since October 2020.

Output levels rose for the first time since January, and most of the business segments covered by the survey saw upturns.

Wholesale and retail was the only sector to register lower activity.

New business intakes increased, putting an end to eight consecutive months of decline as manufacturing, construction and services all recorded growth.

Companies nevertheless were reluctant to hire more workers, and employment levels were unchanged.

Overall cost inflation decelerated, dropping to its lowest level in eight months, with a stronger local pound currency versus the dollar helping reduce some import costs. Prices charged by non-oil firms rose only marginally.

“The Egyptian non-oil private sector registered its best upturn in business conditions in over five years in November, which hints at a strong end to 2025,” said David Owen, senior economist at S&P Global Market Intelligence.

“Historically speaking, the latest PMI reading signals that year-on-year GDP growth could rise above 5% in the fourth quarter.” Expectations for future activity remained positive in November, despite softening from the previous month and pointing to only a mild degree of overall confidence.