Middle East & North Africa Rapid Response

Saudi Arabia Consumer Prices (Oct. 2023)

Saudi Arabia’s headline inflation rate edged down from 1.7% y/y in September to 1.6% y/y in October, the weakest pace of inflation in nearly two years, and we expect that inflation will continue to...

15th November 2023 · 2 mins read

Middle East & North Africa Rapid Response

Egypt Interest Rate Announcement (Nov. 2023)

The Central Bank of Egypt (CBE) left its overnight deposit rate at 19.25% today but, with pressure on the pound mounting and inflation still well above target, there’s a good chance that policymakers...

2nd November 2023 · 2 mins read

Middle East & North Africa Rapid Response

Saudi Arabia GDP (Q3 2023, Flash Estimate)

Saudi Arabia’s flash GDP estimate showed that the recession deepened in Q3, with GDP contracting by 3.9% q/q, after the Kingdom implemented an additional voluntary 1mn bpd oil output cut and the non...

31st October 2023 · 2 mins read

Middle East & North Africa Rapid Response

Egypt Consumer Prices (Sep. 2023)

Egypt’s headline inflation rate picked up from 37.4% y/y in August to a fresh multi-decade high of 38.0% y/y in September but we think that, even with another devaluation of the pound on the horizon...

10th October 2023 · 2 mins read

Middle East & North Africa Rapid Response

PMIs (Sep. 23)

The September release of PMIs for the Middle East and North Africa showed that activity in non-oil private sectors in the Gulf economies remained strong up at the end of Q3, and this is likely to...

3rd October 2023 · 3 mins read

Middle East & North Africa Rapid Response

Saudi Arabia Consumer Prices (Aug. 2023)

Saudi Arabia’s headline inflation rate slowed from 2.3% y/y in July to 2.0% y/y in August, the weakest pace of inflation in over a year and we think it will ease further heading into 2024.

14th September 2023 · 2 mins read

Middle East & North Africa Rapid Response

PMIs (Aug. 23)

August’s batch of PMIs for the region showed that activity in non-oil private sectors in the Gulf eased, but that activity remained strong. In contrast, Egypt’s PMI remained below the 50-mark and the...

5th September 2023 · 2 mins read

Middle East & North Africa Rapid Response

Saudi Arabia Consumer Prices (Jul. 2023)

Saudi Arabia’s headline inflation rate eased from 2.7% y/y in June to 2.3% y/y in July, the slowest outturn since the middle of last year and we think the headline rate will continue to edge lower...

15th August 2023 · 2 mins read

Middle East & North Africa Rapid Response

Egypt Consumer Prices (Jul.)

Egypt’s headline inflation hit a fresh record high of 36.5% y/y in July and, with a fresh devaluation of the pound on the cards in the coming months, it will remain elevated for some time. The Central...

10th August 2023 · 2 mins read

Middle East & North Africa Rapid Response

PMIs (Jul. 23)

July’s batch of PMIs for the region were a mixed bag, with the surveys from the Gulf falling back as they did in many other emerging markets but still pointing to robust non-oil activity. Elsewhere...

3rd August 2023 · 2 mins read

Middle East & North Africa Rapid Response

Saudi Arabia GDP (Q2 2023, Flash Estimate)

Saudi Arabia’s flash GDP estimate showed that the economy fell into a technical recession on the back of oil output cuts, whereas the non-oil economy continued to post robust growth. With the Kingdom...

31st July 2023 · 2 mins read

Middle East & North Africa Rapid Response

Egypt Consumer Prices (Jun. 2023)

Egypt’s inflation rate rose from 32.7% y/y in May to a record high of 35.7% y/y in June, putting it even further above the Central Bank of Egypt’s (CBE’s) inflation target range. This adds to our view...

10th July 2023 · 3 mins read

Middle East & North Africa Rapid Response

PMIs (Jun. 2023)

June’s batch of PMIs for the region improved almost entirely across the board and the strength in the Gulf states marked a stark contrast to the weakness among other emerging market regions. Elsewhere...

5th July 2023 · 3 mins read

Middle East & North Africa Rapid Response

Saudi Arabia Consumer Prices (May 2023)

Saudi Arabia’s inflation rate rose a touch to 2.8% y/y in May, as an acceleration in non-food inflation more than offset the further slowdown in food inflation. We think the headline rate will resume...

15th June 2023 · 2 mins read

Middle East & North Africa Rapid Response

Saudi Arabia Consumer Prices (Apr. 2023)

Saudi Arabia’s inflation rate was unchanged at 2.7% y/y in April, as an increase in non-food inflation offset another drop in food inflation. We think the headline rate should resume its comedown in...

15th May 2023 · 2 mins read