Video|7 August 2024

MENA – Economic Shifts in Turkey & GCC Private Sectors

John Payne

Senior Economist, EMEA Macro Consulting

Turkey’s inflation fell to 62% in July from over 70% in June, marking the second consecutive fall and the lowest rate since October last year. Declines in food and transport inflation contributed to the fall. We expect inflation to continue easing and reach 43% by the end of the year.

Private sector growth across the GCC slowed in July. The UAE experienced its lowest PMI reading in almost three years, with a more modest slowdown in Saudi Arabia. Output in Qatar continued expanding despite a sharp dip from June. We forecast the region’s non-oil GDP growth to remain steady at 4.2% this year, which will be partly offset by ongoing oil production cuts.

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