MENA | Saudi Q1 GDP, Qatar lockdown exit, Egypt inflation
Saudi GDP fell 3.3% y/y in Q1 according to flash estimates, slightly weaker than we had expected. The decline was driven by oil output cuts, while non-oil activity expanded by 3.3%, recovering pandemic losses. Amid growing
optimism about the recovery, this will lead to an upward revision to our 2021
non-oil GDP forecast from the current 2.4%.
What you will learn from this report:
- Qatar has announced its roadmap out of lockdown, set to start on 28 May, after an encouraging drop in daily Covid-19 infections.
- Egypt’s inflation slowed to 4.1% in April, defying expectations of a rise and broader EM and global trends. Given high exposure to global food price movements, lower inflation is unlikely to prompt further interest rate cuts even as economic recovery is yet to gain traction.
- Quarantine-free travel is now also open between Bahrain and the UAE, which will support confidence and business conditions in both countries, while Kuwait plans to gradually reopen its economy, starting with the lifting of its curfew today.
Tags:
Related Services
Post
Capital catalysts – Funding development when budgets are tight in Africa
In this presentation deck, we grappled with some of the Africa’s most pressing issues for 2024 and beyond. We explored Africa’s alternative funding strategies during challenging times, examined the continent’s growth hotspot, and unpacked South Africa’s political economy in the lead up to the general elections in 2024.
Find Out More
Post
APAC Key themes 2024 – A year of living cautiously
In 2024, the main influence on Asia is likely to be a global slowdown, particularly in China and the US. Moreover, governments have limited policy space to deal with these headwinds. Other negative influences, however, are set to ease further, including domestic inflation, external pressure on interest rates, and softening semiconductor prices. Overall, we expect a bumpy year as issues become more country-specific and policy responses and economic outcomes diverge.
Find Out More