Economic Snapshot for MENA
August 3, 2022
MENA GDP forecast to rise in 2022
Regional growth is set to improve this year. Oil exporting countries will drive momentum: OPEC+ quota increases will boost their crude output, while higher hydrocarbon prices will plump their public finances. Most oil importing countries are set to grow at weaker paces on higher imported inflation. Risks include food insecurity, extreme weather and Iran-related tensions.
Inflation to dip this year
Regional inflation should dip slightly this year from 021 on lower inflation in Iran, Saudi Arabia and Yemen. However, most countries will actually experience higher inflation, stemming from stronger GDP growth and higher food and fuel prices. Extreme weather and shortages of basic goods due to war in Ukraine are upside risks.
5 years of Middle East & North Africa economic forecasts for more than 30 economic indicators.
Middle East & North Africa Economic News
Saudi Arabia: Oil prices fall in August on intensifying recession fears; OPEC+ cuts quotas in September
September 5, 2022
The OPEC oil basket traded at USD 101.9 per barrel on average in August, down 6.1% from the prior month.
August 23, 2022
The Bank of Israel’s Composite State of the Economy Index grew 0.11% in month-on-month seasonally-adjusted terms in July, down from June's 0.16% increase.
August 22, 2022
At its 22 August meeting, the Bank of Israel (BoI) raised the policy rate from 1.25% to 2.00%—marking the highest level since 2012 and meaning that rates have risen by 190 basis points so far this year. The decision to hike was driven by a desire to rein in inflation, which surged further above the Central Bank’s 1.0–3.0% target range in July.
August 18, 2022
At its 18 August monetary policy meeting, the Central Bank of Egypt (CBE) opted to maintain all of its rates unchanged, mirroring its June move.
August 17, 2022
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) rose to 57.6 in July from June's 53.4.
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