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OPEC Member Countries Economy - August 2017

Source: OPEC 9/7/2017, Location: Africa

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The non-oil private sector in Saudi Arabia showed notable improvement in its business conditions in July by highest rate in three months as suggested by Emirates NBD Saudi Arabia PMI. The index increased to 55.7 last month, up from 54.3 a month earlier. The index survey showed stronger growth in output and new orders but with deceleration in for-export orders. The index average of 1H17 stood at 56.0, highlighting higher rate of growth compared with the first six months of 2016. Inflation remained in the negative territory in 1H17, posting minus 0.4% y-o-y in June which the same average of 1H17.

In Nigeria, the deceleration in GDP notably slowed from 1.6% y-o-y in 4Q16, to 0.6% in 1Q17, according to National Bureau of Statistics. Inflation somewhat eased to 16.1% y-o-y in June, from 16.3% in the previous month. In a positive note, the country’s private sector registered fastest pace of growth in two years in July as suggested by the Stanbic IBTC Bank Nigeria PMI. The index jumped to 54.8 in July, from 52.9 in June because of fast pace of expansion in both output and new orders despite some decrease in for-export orders.

In the United Arab Emirates, the GDP of Abu Dhabi registered growth of 1.8% y-o-y in 1Q17. Inflation in the UAE reached 2.0% y-o-y in June, from 1.9% in May. The Emirates NBD UAE PMI increased to 56.0 in July, from 55.8 in June, marking highest reading in three months. The survey showed strong growth in output and new orders together with survey-record growth in inventories. However, for-export orders witnessed acute drop in July, by fastest pace in series history.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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