Economic Snapshot for MENA
July 7, 2021
GDP forecast to expand solidly in 2021
Regional GDP will expand solidly in 2021. Oil exporters are set to gain from higher average crude prices and the ongoing easing of OPEC+ cuts, while countries across the region should benefit from the vaccine rollout, easing restrictions and stronger demand abroad. However, geopolitical tensions, fragile fiscal positions and pandemic-related uncertainty pose downside risks.
Inflation to ticked down down
Regional inflation ticked down to 14.2% in May from April’s 14.4%, amid weaker price pressures in Iran and Lebanon. This year, regional inflation should pick up slightly due to stronger price pressures from healthier economic activity. That said, depreciation fueled inflation in Iran and Lebanon will likely moderate, limiting the overall upturn in prices.
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Middle East & North Africa Economic News
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Israel: Composite State of the Economy Index growth remains broadly stable in June
July 25, 2021
The Bank of Israel’s Composite State of the Economy Index increased 0.14% in month-on-month seasonally-adjusted terms in June, which followed May's 0.11% increase.
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Saudi Arabia: Inflation continues to accelerate in June
July 16, 2021
Consumer prices increased 0.15% over the previous month in June, marginally weaker than May’s 0.18% rise.
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Israel: Inflation comes in at highest level since December 2013 in June
July 15, 2021
Consumer prices increased 0.10% in June over the previous month, below May's 0.40% rise.
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Israel: Manufacturing PMI drops in June
July 15, 2021
The Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the Israeli Purchasing & Logistics Managers Association (IPLMA), fell from 56.1 in May to 51.5 in June.
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Israel: Merchandise exports jump at a slower rate in June
July 13, 2021
Merchandise exports jumped 16.1% year-on-year in June, following May’s 22.7% upturn.
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