The Egyptian non-oil private sector returned to expansion in November, ending a 25-month sequence of deterioration, according to a report by Emirates NBD.
The headline seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index (PMI) rose from 48.4 to 50.7 in November, signaling an end to the downturn recorded over the past 25 months.
The improvement was the strongest recorded since August 2015.
The survey, which is sponsored by Emirates NBD and produced by IHS Markit, showed that output in the Egyptian non-oil private sector grew in November, ending a 25-month sequence of deterioration, due to higher inflows of new orders.
Demand for Egyptian-produced goods and services increased during November. Inflows of new work returned to growth, recording the fastest expansion for 27 months.
Meanwhile, demand from foreign sources rose at the fastest pace since the survey began, which resulted from an increase in demand from neighboring economies.
Sentiment towards future growth prospects remained strongly positive in the latest survey, with the respective index reaching a 27-month high in November, the report noted.