Skip to content Skip to Search
Skip navigation


Plant, Cactus, Person

Egypt’s current account deficit widens, funds flow out in Q1

Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […]

Person, Human, Soil

Exporters cut year-end targets in blow to government plans

Turkish exporters are revising down year-end targets in a move that could derail the government’s economic plans as new orders drop amid signs of a global slowdown and inflationary pressure. Turkey’s exports rose by 19 percent year-on-year in the first seven months of 2022 to $144.4 billion, but deteriorating global conditions, exacerbated by the war […]

Turkey’s inflation surges to 70%, putting Erdogan in bind

Turkey’s annual inflation jumped to a two-decade high of 69.97 percent in April, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. The surge in prices has badly strained households just over a year before presidential and parliamentary elections that could bring the […]

Egyptian non-oil sector continues contraction at slower pace

Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […]

Saudi non-oil private sector growth slows in July

Saudi Arabia’s non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 56.3 in July […]

Turkish central bank hikes inflation view to 60%

Turkey’s central bank raised its annual inflation forecast to 60.4 percent for the year-end from 42.8 percent three months ago, continuing a trend of playing catch up with extreme price rises, according to a presentation by Governor Sahap Kavcioglu on Thursday. A Reuters poll showed economists expect inflation of 70 percent at the end of […]

Person, Human, Shoe

Turkish consumer confidence rebounds in July from record low

Turkey’s consumer confidence index rose by 7.4 percent to 68.0 points in July, official data showed on Wednesday, after hitting a record low of 63.4 points in June as surging inflation and a beleaguered lira weighed further on sentiment. The biggest improvement was seen in the general economic situation over the coming 12 months, with […]

Airplane, Aircraft, Vehicle

US approves measure to restrict Biden plan to sell F-16s to Turkey

The US House of Representatives on Thursday approved legislation that would create a new hurdle for President Joe Biden’s plan to sell F-16 fighter jets to Turkey. The House approved the measure, offered by Democratic Representatives Frank Pallone and Chris Pappas, as an amendment to the annual National Defense Authorization Act, by 244 to 179. […]

Egypt non-oil business drops to lowest level for two years

Non-oil private sector activity in Egypt dropped in June to its lowest level in two years as inflation, a weaker currency and shortages of materials bit into demand, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) weakened to 45.2 from May’s 47.0, well below the 50.0 threshold that separates growth […]

Nature, Metropolis, City

Saudi non-oil private sector gallops despite inflation

Saudi Arabia’s non-oil private sector expanded in June at its fastest pace since September as demand continued to rise strongly despite the highest inflation in nearly two years, a survey showed on Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 57.0 in June from […]

Handrail, Banister, Building

One in five IMF staff say they were ‘unduly influenced’

Nearly 20 percent of International Monetary Fund staff say their work has been “unduly influenced” by supervisors, according to an internal survey released on Thursday as part of a review of data integrity standards that generally found “robust mechanisms” for institutional governance. The review was launched last year by the IMF’s Executive Board following allegations […]

Sitting, Person, Human

Egypt, Saudi Arabia sign 14 deals worth $7.7bn

Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday. Saudi Arabia has provided billions of dollars in financial support since Egypt’s President […]

Turkey’s annual inflation soars to highest since 1998

Turkey’s annual inflation rate jumped to a 24-year high of 73.5 per cent in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira — though thefigure was slightly lower than economists had feared. Inflation has surged since last autumn, when the lira slumped after the central bank launched a 500 […]

Turkish factory activity contracts for third straight month in May

Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […]

Person, Human, Suit

UK manufacturing growth hits 16-month low in May

British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […]

Egypt’s net foreign assets retreat further into the red

Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […]

Downtown Dubai and Burj Khalifa

Dubai sets up office to manage $49.4bn sovereign debt

The Dubai government has established a debt management office and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, it announced on Monday. The office – which analysts say will streamline debt issuance and improve transparency – will manage the sovereign debt portfolio and be responsible for meeting the government’s financing requirements, the Dubai […]

Tunisia’s dinar hits record low versus dollar

Tunisia’s dinar currency has fallen to record lows versus the dollar, driven down by high inflation, a worsening trade deficit and the severe impact of the Ukraine crisis on public finances. It traded at 3.074 against the dollar on Thursday, central bank data showed on Friday. Earlier this month, the state statistics institute said Tunisia’s […]

Dollar hits five-year high, growth concerns dent euro

The dollar hit a five-year high ahead of the expected rate hike by Federal Reserve, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region. The dollar has gained on expectations that the US central bank will be more hawkish than peers. The Fed is expected to increase rates by 50 basis […]

Commodity stocks drag FTSE 100 lower

Commodity stocks and banks led a near 2 percent drop in London’s FTSE 100 on Monday as fears of a global economic slowdown sapped sentiment at the start of a week loaded with corporate earnings. After falling as much as 2.4 percent, the blue-chip index pared some losses to close down 1.9 percent at its […]

Egypt’s urban inflation accelerates to 10.5%

Egypt’s annual urban consumer price inflation accelerated in March to 10.5 percent, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed on Sunday. The inflation figure, up from 8.8 percent in February, was greater than a median forecast of 10 percent in a Reuters […]