FX.co ★ Egypt Non-Oil Private Sector Returns to Expansion

The S&P Global Egypt PMI increased to 51.1 in November 2025 from 49.2 in October, signaling the first improvement in non-oil operating conditions since February. This latest figure is the highest recorded since October 2020. Historically, a PMI level of this magnitude suggests that annual GDP growth might surpass 5% in the fourth quarter. Output rose for the first time since January, marking the most robust expansion in five years, while new orders rebounded after eight months of decline. Despite these positive developments, companies remained cautious regarding recruitment, with employment figures unchanged, contributing to a rise in pending work for the third consecutive month. Purchases of new inputs by firms decreased at a quicker rate, although input inventories showed signs of stabilization. In terms of pricing, overall cost inflation was at its lowest in eight months, and selling prices increased at the slowest rate in seven months. Lastly, the outlook for future activity stayed optimistic, bolstered by stronger demand signals.