MENA | Regional PMIs; IMF GDP revisions; Saudi pilgrims

PMIs for March remained in positive territory across the GCC but showed nonoil growth at a varying pace in the countries. Qatar and the UAE saw significant improvements due to stabilising hiring activity, but a slowdown in new orders contributed to a decline in Saudi Arabia’s PMI.

What you will learn about:

• Our forecasts show a weaker recovery in 2021 for most regional economies than the upgraded IMF forecasts, owing to revised OPEC+ quotas and a continuing risk from global travel restrictions.
• In an attempt to boost tourism, Saudi Arabia has announced that Hajj and Umrah permits during Ramadan (starting next week) will be granted to those vaccinated and recovered Covid-19 pilgrims.
• The March PMI surveys for Saudi Arabia, Qatar, and the UAE show that non-oil growth continued in March but at a varying pace. At 53.3, Saudi Arabia’s non-oil private sector grew for the seventh consecutive month but slowed from 53.9 seen in February.