Contents
- Executive summary
- Algeria
- Egypt
- Morocco
- Tunisia
- Quarterly & annual data tables
Executive summary
North Africa saw a mixed economic performance in November 2025, with key markets showing both resilience and challenges. Egypt's GDP growth accelerated to 5.3% year-on-year in Q3, driven by private investment and strong activity in manufacturing, tourism, and telecoms. Tunisia, on the other hand, faced slower growth with GDP expanding by only 2.4% in Q3, while Morocco's economy continued to recover, with real GDP growth accelerating to 5.5% in Q2. Inflationary pressures were also mixed across the region.
While in Egypt inflation rose to 12.5% in October due to higher fuel and rental costs, Morocco’s declined to 0.1% on lower food prices, while Algeria’s remained in deflation territory, raising near-term consumption risks. Currency dynamics also point to possible upward pressures in the near term. Lower hydrocarbon exports and rising political and social tensions increase the risk of depreciation of
