Economic Snapshot for MENA
October 6, 2021
GDP forecast to expand solidly in 2021
Regional GDP will expand robustly this year as oil exporters are set to gain from higher average crude prices and the easing of OPEC+ cuts. In 2022, growth should accelerate as the vaccine rollout and pent-up demand support domestic activity. Moreover, oil output should rise next year as OPEC+ further reduces production cuts.
Inflation to ease
Regional inflation was stable at July’s 13.7% in August as subdued price pressures in Saudi Arabia were offset by stronger inflation in Egypt and Lebanon. This year, regional inflation should average higher than in 2020 due to recovering output. Next year, inflation should moderate as some supply chain disruptions ease.
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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 growth remains broadly unchanged in August
October 6, 2021
The Bank of Israel’s Composite State of the Economy Index grew 0.28% in month-on-month seasonally-adjusted terms in August, which was above July's 0.21% increase.
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Egypt: PMI falls in September; conditions continue to deteriorate
October 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—dropped to a four-month low of 48.9 in September from August’s 49.8.
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Saudi Arabia: Oil prices increase in September–October
October 1, 2021
On 1 October, the OPEC oil basket traded at USD 77.7 per barrel, up 9.1% from the prior month.
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United Arab Emirates: Consumer prices record smallest drop in over two-years in July
September 23, 2021
Consumer prices dropped 0.07% from the previous month in July, swinging from the 0.19% rise logged in June.
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United Arab Emirates: Consumer prices growth moderates in June
September 19, 2021
Consumer prices increased 0.19% from the previous month in June, coming in below the 0.25% increase seen in May.
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