Middle East

Middle East Data Response

Middle East Data Response

Saudi Arabia Consumer Prices (Oct.)

Saudi inflation edged higher to 0.8% y/y in October and will probably continue to drift upwards over the coming months. Overall, though, we expect price pressures to remain subdued, at 1.0-2.0% over the course of 2022-23, compared with many other parts of the world.

15 November 2021

Middle East Data Response

Egypt Consumer Prices (Oct.)

Egypt’s headline inflation rate eased to 6.3% y/y in October and is likely to remain around 6.0-6.5% over the rest of this year and in early 2022. Against this backdrop, we think the Central Bank of Egypt (CBE) will keep interest rates on hold for the time being.

10 November 2021

Middle East Data Response

Saudi Arabia GDP (Q3, Flash Estimate)

The Saudi economy expanded by 5.8% q/q in Q3, the fastest pace of growth in over a decade, as the ramping up of oil production drove the recovery. As OPEC+ continues to raise production quotas, remaining virus restrictions are relaxed further, and the possibility of looser fiscal policy, the Saudi economic recovery will continue at a strong pace in Q4 and into 2022.

9 November 2021
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Middle East Data Response

Whole Economy PMIs (Oct.)

October’s batch of whole economy PMIs showed that recoveries in non-hydrocarbon sectors in the Gulf strengthened, particularly in the UAE as the Expo got underway this month. But price pressures are building and, in Egypt, this will delay the central bank’s return to monetary loosening.

Middle East Data Response

Saudi Arabia Consumer Prices (Sep.)

Saudi inflation rose to 0.6% y/y in September and is likely to drift a little higher over the rest of this year. However, we do not envisage a significant pick up in the headline rate and inflation is likely to remain around 1.0-1.5% y/y in 2022-23.

Middle East Data Response

Whole Economy PMIs (Sep.)

September’s batch of whole economy PMIs showed that recoveries in non-hydrocarbon private sectors in Saudi Arabia and Qatar gathered pace as domestic activity strengthened on the back of easing virus restrictions. In contrast, recoveries in Egypt and the UAE appear to have eased a touch at the start of Q3.

Middle East Data Response

Saudi Arabia Consumer Prices (Aug.)

Saudi inflation edged down to 0.3% y/y in August and is likely to remain around this level over the coming months. We think that inflation will pick up to 1.0-1.5% y/y in 2022-23, although the possibility of a VAT cut presents a downside risk.

15 September 2021

Middle East Data Response

Egypt Consumer Prices (Aug.)

Egypt’s headline inflation rate rose to 5.7% y/y in August, the fastest pace recorded since April last year, and looks set to increase further over then next couple of months. Against this backdrop, we think the Central Bank of Egypt (CBE) will keep interest rates on hold next week.

9 September 2021
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