Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Jul.) Saudi Arabian inflation remained unchanged at 2.2% y/y last month and, overall,price pressures appear to be subdued. We think this is likely to remain the case overthe next 18 months or so. 13th August 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Jul.) The sharp fall in Egyptian inflation to a 13-month low of 8.4% y/y in July was due toboth lower food inflation and the unwinding of last year’s energy price hikes. Withinflation now back in single... 10th August 2015 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Jul.) Last month’s ‘whole economy’ PMIs provide early signs that activity in the Gulf strengthened at the start of Q3. Elsewhere, although Egypt’s PMI edged down in July, it still points to stronger growth... 4th August 2015 · 1 min read
Middle East & North Africa Data Response Egypt & Saudi Consumer Prices (Jun.) The sharp fall in Egyptian inflation last month, to 11.4% y/y, confirmed that May’s surprise jump was a one-off. And with the headline rate likely to fall further in July, we think interest rate cuts... 9th July 2015 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Jun.) The drop in Saudi Arabia’s ‘whole economy’ PMI to a record low last month suggests that growth has slowed in the second quarter. Elsewhere, after a disappointing start to the year, Egypt’s economy is... 6th July 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia GDP (Q1) The pick-up in Saudi GDP growth in the first quarter of this year, to 2.4% y/y, was supported by a rebound in the oil sector and robust activity in the non-oil sector. These data confirm our view that... 2nd July 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (May) Inflation in Saudi Arabia edged up to 2.1% y/y in May, but price pressures are still subdued. Against the backdrop of slower growth and weak commodity prices, we expect this to remain the case for the... 11th June 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (May) The jump in Egyptian inflation to 13.1% y/y in May was almost entirely driven a sharp rise in food inflation and, as a result, we don’t expect it to have an impact on the MPC’s rate decision tomorrow... 10th June 2015 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (May) The latest ‘whole economy’ PMIs from the MENA region continue to suggest that the Gulf economies are holding up well in the face of low oil prices. However, the boost to Saudi Arabia’s economy from... 3rd June 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Apr.) Inflation in Saudi Arabia held steady at 2.0% y/y in April as further weakness in food price pressures was offset by a pick-up in rental inflation. Looking ahead, we expect headline inflation to... 18th May 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Apr.) Egyptian inflation fell back to 11.0% y/y in April but we think the central bank will wait for inflation to ease further before it cuts interest rates again. The effects of last year’s energy price... 11th May 2015 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Apr.) The latest whole economy PMIs from the MENA region suggest that the boost to Saudi Arabia’s economy from the recent “accession bonus” has already started to fade. The bigger picture, however, is that... 5th May 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Mar.) Inflation in Saudi Arabia eased further last month, to 2.0% y/y, driven in large part by a drop in housing rental price inflation. Against the backdrop of slower growth and weak commodity prices, we... 15th April 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Mar.) The rise in Egyptian inflation to 11.5% y/y last month was driven almost entirely by a rise in food and utility prices. As a result, we think it’s unlikely to have much impact on monetary policy... 9th April 2015 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Mar.) The latest whole economy PMIs from the MENA region suggest that, in spite of lower oil prices, the Gulf economies are still holding up well. Meanwhile, activity in Egypt’s economy appears to have... 8th April 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Feb.) Saudi Arabia’s inflation rate eased further in February to 2.1% y/y, driven in large part by another drop in food inflation. Against the backdrop of slower growth and weak commodity prices, we expect... 12th March 2015 · 1 min read
