Economic Snapshot for MENA
October 5, 2022
Economic Growth
GDP growth is set to accelerate in 2022, as oil exporters benefit from higher average oil quotas and prices. Meanwhile, oil importers will generally lose steam due to higher inflation. In 2023, regional growth should ease on cooling hydrocarbon prices and softer oil output growth. Risks include extreme weather, changes to OPEC+ quotas, and sociopolitical instability.
Inflation Outlook
Regional inflation is seen remaining elevated this year, before easing next year. Inflation in 2022 has been stoked by higher food and fuel prices, but the recent cooling of these, together with tighter monetary policy, should lead price pressures to weaken in 2023. Risks include extreme weather, OPEC+ quota changes, and renewed disruption to Ukrainian grain supplies.
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Middle East & North Africa Economic News
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Saudi Arabia: Oil prices fall over last month as global economic outlook remains dim
November 29, 2022
The OPEC oil basket traded at USD 90.8 per barrel on average over the last month, down 3.0% from the prior month.
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Israel: Manufacturing PMI improves in October
November 23, 2022
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) rose to 53.6 in October from September's 51.3.
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Israel: Bank of Israel hikes for sixth straight meeting in November
November 21, 2022
At its 21 November meeting, the Bank of Israel (BoI) raised the policy rate from 2.75% to 3.25%—marking the highest level since 2011 and meaning that rates have risen by 315 basis points this year. The decision to hike was once again driven by a desire to dampen broad-based price pressures, with inflation running above the Central Bank’s 1.0–3.0% target range so far this year.
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Israel: GDP growth moderates in the third quarter
November 16, 2022
Economic growth slowed in the third quarter, with GDP increasing 2.1% in seasonally-adjusted annualized terms (SAAR) (Q2: +7.3% SAAR).
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Israel: Inflation rises in October
November 15, 2022
Inflation came in at 5.1% in October, which was up from September’s 4.6%.
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