Economic Snapshot for MENA
January 11, 2022
MENA GDP forecast to accelerate in 2022
Regional GDP growth is seen accelerating this year, as the vaccine rollout, looser restrictions and pent-up demand support investment and household spending. Moreover, oil production is projected to increase robustly in 2022 as OPEC+ further reduces production cuts. Nevertheless, tense political relations in the region and volatile oil prices are risks to the outlook.
Inflation to ease this year
Regional inflation eased to 15.3% in November from 15.4% in October, due to weaker price pressures in Egypt and Iran. This year, inflation should moderate from last year’s pickup as some supply chain disruptions ease. Moreover, lower price pressures caused by currency depreciation in Iran and Lebanon will likely also bring down regional price growth.
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Middle East & North Africa Economic News
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Israel: Manufacturing PMI records worst reading since July in December
January 18, 2022
The Bank Hapoalim/IPLMA Manufacturing Purchasing Managers’ Index (PMI) fell to 47.8 in December from November's 50.3.
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Israel: Inflation comes in at highest level since September 2011 in December
January 14, 2022
Consumer prices increased 0.29% over the previous month in December, contrasting the 0.10% fall recorded in November.
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Egypt: Inflation increases in December
January 10, 2022
Consumer prices decreased 0.08% month-on-month in December, swinging from November’s 0.15% increase, marking the first drop in prices since January 2021.
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United Arab Emirates: PMI eases in December
January 5, 2022
The IHS Markit Purchasing Managers’ Index (PMI) came in at 55.6 in December, down from November's 55.9.
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Egypt: PMI increases to four-month high in December; conditions still deteriorate
January 4, 2022
The IHS Markit Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—inched up to a four-month high of 49.0 in December from November’s 48.7.
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