Egypt’s non-oil private sector didn’t just turn a page in November—it cracked open a whole new chapter. After years of wavering momentum, business activity surged to its strongest pace in half a decade, according to new survey data that painted a cautiously upbeat portrait of the country’s economic pulse.
The S&P Global Egypt PMI jumped to 51.1, leaping over the all-important 50 mark for the first time since February and landing at a level not seen since late 2020. For an index that has spent much of recent years treading water, the shift was striking.
Output rebounded for the first time since January, with nearly every major segment contributing to the lift. Manufacturing picked up steam, services pushed ahead, and construction joined the forward march. Wholesale and retail stood alone in the corner, the lone holdout posting a dip in activity.
The recovery in new orders was just as notable. After eight months of shrinking pipelines, business began flowing again across several industries, signaling renewed local demand—and perhaps a bit of restored confidence.
Still, companies kept their hiring ambitions on a tight leash. Employment stayed flat as firms waited to see whether November’s upswing would sustain or simply sparkle and fade.
Costs provided a rare break, cooling to their softest pace in eight months. A more muscular Egyptian pound trimmed the expense of imported inputs, giving companies a little breathing room. Selling prices barely budged in response, rising only slightly.
Market watchers suggested the turnaround could set the tone for a stronger close to the year. With the latest reading hinting at the possibility of GDP growth crossing the 5% mark in the final quarter, optimism—though tempered—has begun to creep back into the conversation.
Business expectations remained in positive territory, even if not quite as buoyant as before. After years of steadiness, strain, and uncertainty, November offered a glimpse of something Egypt’s private sector hasn’t seen in a while: momentum.
