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Oman inflation rate falls to 3.4 percent
Oman’s annual average inflation rate for 2009 dropped to 3.4 percent from 12.4 percent in 2008, according to local media. The consumer price index (CPI) fell to 0.9 percent in December from 11.8 percent in the same month a year earlier. The December CPI rose slightly, by 0.2 percent, compared with the previous month, mainly due to an increase in the prices of food, beverages and tobacco.
EFG-Hermes has forecast higher inflation for Oman this year as a result of the increasing cost of rents.
Tunisia increases price of gasoline
Tunisia has increased gasoline prices by 5 percent to reduce the deficit in the country’s budget for energy subsidies, EFG-Hermes reported on February 21. The first petrol increase of the year, the recent government announcement has pushed the average price of unleaded gasoline to 93 cents per liter.
Unemployment rate drops to 9.1 percent in Morocco
Morocco’s High Planning Commission said the country’s unemployment rate decreased to 9.1 percent last year from 9.6 percent in 2008, EFG-Hermes reported on February 4. The services and construction industries grew by 78,000 and 62,000 jobs, respectively.
Libya approves 100km free trade zone
Lawmakers in Libya have approved the establishment of a free trade zone stretching 100 kilometers along the Mediterranean coast from Mellita to the Tunisian border, according to EFG-Hermes. The free trade zone, the first in Libya, will allow unrestricted movement of capital and goods, and will include courts and a stock exchange.
Central bank cuts discount rate in Kuwait
According to statement on the Central Bank of Kuwait website, the bank’s discount rate was reduced by 50 basis points to 2.5 percent effective February 8. The bank’s governor, Salem Abdulaziz Al-Sabah, indicated the reduction is meant to reinforce growth in the country’s non-oil sectors. It was the sixth discount-rate reduction made by the bank since October 2008.
Saudi cement sales increase by 31 percent
Cement sales in Saudi Arabia grew 31 percent to reach 3.75 million tons in January, versus 2.87 million tons for the same period last year. EFG-Hermes reported on February 17 that the sales volume in January was higher than any month last year.
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