Egypt’s PMI for non-oil business rises in November for sixth time in 2023

Despite this modest upturn, November's PMI reading remains below the neutral 50-point threshold that demarcates expansion from contraction, indicating that the sector continues to experience a contraction.

S&P, in its report on Egypt, highlighted that Egypt's output and new business levels experienced a significant decline in November, albeit at a slower pace compared to October.

Simultaneously, non-oil firms reported a more pronounced increase in their selling charges, marking the swiftest rise since March, as they sought to pass on elevated purchase costs arising from currency depreciation and supply constraints.

The agency underscored that the non-oil private sector encountered several factors, such as inflationary pressures, persistent production and new order declines, and a deterioration in demand rates.