Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Jun.) Saudi inflation remained in negative territory last month, although the introduction of new “sin” taxes on sugary drinks and tobacco caused the rate of decline ease. And there are reasons to think... 18th July 2017 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Jun.) Egyptian inflation inched up to 29.8% y/y in June and recent subsidy cuts will cause it to rise a bit further in the next few months. Even so, as the effects of last year’s sharp drop in the pound... 10th July 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Jun.) June’s PMI data suggest that Saudi Arabia’s non-oil economy has lost a bit of steam, but this probably partly reflected a deterioration in sentiment on back of last month’s dip in oil prices. The... 4th July 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia GDP (Q1) Saudi Arabia’s economy recorded its first outright contraction since the global financial crisis in Q1, driven by the impact of oil production cuts. The contraction is likely to deepen over the rest... 30th June 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (May) Saudi inflation stood in negative territory for a fifth consecutive month in May, but with subsidy cuts in the pipeline outright deflation is unlikely to last much longer. 14th June 2017 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (May) The drop in Egyptian inflation in May supports our view that last month’s surprise interest rate hike will be a one-off. That said, rate cuts are unlikely to come on to the agenda until the turn of... 8th June 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (May) May’s PMI data suggests that recoveries in the Gulf’s non-oil sectors have lost a bit of momentum, but we don’t think this marks the start of a sharp downturn. Elsewhere, the PMIs brought further... 5th June 2017 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Apr.) The further rise in Egyptian inflation last month, to 31.5% y/y, was driven entirely by stronger food price pressures. We think inflation is now close to a peak and today’s figures are unlikely to... 10th May 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Apr.) April’s PMI data suggest that non-oil sectors in the Gulf have continued to recover from last year’s austerity-led slump. Elsewhere, the PMIs brought further evidence that Egypt is feeling the... 3rd May 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Mar.) Saudi inflation stood in negative territory for a third consecutive month in March, but we continue to think a long and damaging bout of deflation should be avoided. 18th April 2017 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Mar.) Egyptian inflation rose further in March, to 30.9% y/y, but we think it’s close to peaking and the central bank is unlikely to tighten monetary policy further. Indeed, as inflation starts to fall back... 10th April 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Mar.) March’s PMI data show that the recovery in the Gulf’s non-oil sectors continued at the end of Q1. There’s little sign that the fall in oil prices last month has hit sentiment. Meanwhile, the surveys... 4th April 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia GDP (Q4) Saudi Arabia’s economy picked up in the final quarter of 2016, supported by stronger growth in both the oil and non-oil sectors. Cuts to oil output on the back of the OPEC deal will trim headline... 29th March 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Feb.) Saudi inflation was in negative territory for a second consecutive month in February, but there are signs that deflation may not last much longer. 22nd March 2017 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Feb.) Egyptian inflation jumped again in February but it is probably now close to peaking and is likely to start falling in the second half of the year. This, coupled with signs that the balance of payments... 9th March 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Feb.) February’s batch of PMI data suggests that the Gulf’s non-oil sectors have continued to strengthen, supporting our view that growth may be a little stronger than most expect this year. 6th March 2017 · 1 min read
