Economic Snapshot for MENA
June 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.
5 years of Middle East & North Africa economic forecasts for more than 30 economic indicators.
Middle East & North Africa Economic News
August 5, 2020
Egypt’s Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rose to 49.6 in July from 44.6 in June, marking a further recovery from the 29.7 reading in April, which remains the lowest point on record since the current survey began in April 2011 and reflected the effects of Egypt’s first full month with strict coronavirus restrictions.
August 3, 2020
The Bank of Israel’s Composite State of the Economy Index inched up 0.03% month-on-month in seasonally-adjusted terms in June (May: -0.62% mom).
July 15, 2020
Consumer prices dropped 0.10% over the previous month in June, a softer decrease than May's 0.30% drop.
July 13, 2020
Merchandise exports plummeted 9.5% over the same month last year in June, on the heels of May’s 6.3% dive.
July 9, 2020
Consumer prices increased 0.08% in June over the last month, contrasting the 0.02% drop logged in May.
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