Economic Snapshot for MENA
October 9, 2020
The MENA economy is seen declining this year. Containment measures will weigh on domestic activity, while the global downturn will hurt external demand. Moreover, oil exporters will be hit by lower average oil prices compared to 2019 and constrained oil production following the OPEC+ deal. Widespread geopolitical tensions and possible social unrest pose downside risks.
MENA Countries Monetary & Financial Sector News
Inflation in the Middle East and North Africa fell from 4.5% in March to 3.9% in April amid soft crude prices and weak activity. This year, inflation is seen broadly stable from 2019 as a recovery in price pressures in GCC countries is offset by lower inflation in Egypt, Iran and Israel.
Most MENA central banks manage currency pegs, against the USD or a basket of currencies including the USD or the EUR, and lack independent monetary policies. Regarding central banks with independent monetary policies, in May the Bank of Israel and Central Bank of Egypt kept rates unchanged following easing earlier in the 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: Consumer prices continue to fall on an annual basis in September
October 15, 2020
Consumer prices fell 0.10% from the previous month in September, following the flat result recorded in August.
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Egypt: Inflation rises in September
October 8, 2020
Consumer prices increased 0.27% in September over the previous month, contrasting the 0.15% drop recorded in August.
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Egypt: PMI in September in expansionary territory for first time since July 2019
October 5, 2020
Egypt’s Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—rose to 50.4 in September from 49.4 in August.
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Saudi Arabia: GDP contracts deeply in Q2 as both the oil and non-oil sectors reel
September 30, 2020
The economy contracted 7.0% on an annual basis in the second quarter, after dipping 1.0% in the first quarter.
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Israel: Composite State of the Economy Index dips in August
September 29, 2020
The Bank of Israel’s Composite State of the Economy Index dropped 0.06% month-on-month in seasonally-adjusted terms in August, following July’s 0.02% decline, amid elevated new Covid-19 cases and the reimposition of some restrictions on activity.
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