Economic Snapshot for MENA
June 8, 2022
MENA GDP forecast to slow in 2022
In 2022, regional price growth should slow from 2021, although this is mainly on reductions in the extremely elevated inflation rates of Iran, Lebanon and Yemen. Most countries will actually experience higher inflation this year due to stronger GDP growth and higher food and fuel prices. Extreme weather and potential food shortages due to war in Ukraine are upside risks.
Inflation to ease this year
Many regional central banks manage currency pegs and lack independent monetary policies. As such, most banks with pegs hiked rates in May in line with the Fed’s hike. Among those with independent policies, the central banks of both Egypt and Israel also hiked rates in May to tame inflation. Interest rates are set to rise further later this year.
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5 years of Middle East & North Africa economic forecasts for more than 30 economic indicators.
Middle East & North Africa Economic News
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Israel: Composite State of the Economy Index contracts at sharpest pace since December 2021 in May
June 27, 2022
The Bank of Israel’s Composite State of the Economy Index fell 0.03% in month-on-month seasonally-adjusted terms in May, which contrasted April's 0.15% increase.
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Israel: Manufacturing PMI improves in May
June 21, 2022
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) rose to 52.6 in May from April's 51.2.
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Israel: Inflation comes in at highest level since June 2011 in May
June 15, 2022
Consumer prices rose 0.57% in May over the previous month, a smaller increase than the 0.77% increase logged in April.
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Israel: Merchandise exports increase at a milder pace in May
June 13, 2022
Merchandise exports rose 5.0% year-on-year in May (April: +29.0% year-on-year).
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Egypt: Inflation comes in at three-year high in May
June 10, 2022
Consumer prices increased 1.03% in May over the previous month, which was a sharp moderation from April's 3.26% rise.
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