MENA | Coronavirus tracker for the GCC – November update
Signs of the GCC’s strengthening recovery from the Covid-19 pandemic continue to emerge. The PMI for Dubai rose to its highest level in over two years in October as the start of Expo 2020 boosted activity in the travel and tourism and retail sectors.
What you will learn:
- Meanwhile, Saudi GDP expanded by 5.8% q/q in Q3 2021 (and 6.8% y/y) boosted by a double-digit rise in the oil sector as OPEC+ relaxed production quotas.
- The non-oil sector also continued to recover strongly, expanding by 1.6% q/q as Covid restrictions eased and the government continued to ramp up investment.
- The Kuwait government tendered its resignation on Monday after several rounds of talks between government officials and opposition lawmakers.
Tags:
Related Services
Post
Bank of Japan resumes rate normalisation, cautiously
The Bank of Japan raised the policy rate by 0.25ppts to 0.5% at Friday's meeting, as we expected. We maintain our call that the central bank will hike the rate again to 0.75%, most likely in July after the outcome of the Spring Wage Negotiation is confirmed, especially for small firms.
Find Out More
Post
Tariffs won’t cause a burst in producer prices in the Eurozone
Potential US tariffs would be disruptive for the eurozone economy as a whole, but we think their inflationary impact is likely to be contained. As US imports account for around 10% of total extra-EU imports, we estimate a 10% across-the-board tariff would only increase the producers prices index by 0.5%.
Find Out More