- Employment in Egypt’s private sector contracted in November, marking the fastest decline since February 2024.
- This dip was largely attributable to companies opting not to replace departing staff due to weakened sales and subdued optimism.
- Across the industry, purchase prices of goods increased partly due to a stronger US dollar against local currency.
Egypt’s private sector continued to face persistent challenges in November, with a drop in employment levels reflecting waning optimism across industries. According to the latest S&P Global Egypt Purchasing Managers’ Index (PMI), economic uncertainty and weak customer demand stifled growth prospects for the North African country, forcing businesses to scale back hiring and purchasing activities.
The PMI climbed slightly to 49.2 in November from 49.0 recorded in October, marking the second consecutive month of improvement but still lingering below the critical 50.0 threshold that signals expansion.
Senior Economist David Owen noted that while the contraction rate slowed, …
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