Economic Snapshot for MENA
December 1, 2022
Economic Growth
GDP growth in 2023 will ease to around the 10-year pre-pandemic average. Rate hikes, stagnating oil production and flagging external demand will all weigh on momentum. Key factors to watch include changes to OPEC+ quotas, U.S. Fed hikes, extreme weather, Iran nuclear talks, geopolitical tensions and the Russia-Ukraine grain deal—which was recently extended to mid-March 2023.
Inflation Outlook
Inflation should decline next year on tighter monetary policy and currency stabilization. That said, it will remain significantly higher than before the pandemic as energy and food prices are set to remain elevated, despite cooling somewhat. Risks include extreme weather, the Russia-Ukraine grain deal and unexpected currency devaluations.
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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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