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OPEC Member Countries Economy – March 2012

Source: OPEC 3/22/2012, Location: Middle East

Annual inflation in Saudi Arabia was flat at 5.3% in January, similar to that in December, the country’s Central Department of Statistics and Information said in a report. The government’s cost of living index was almost unchanged at 139.1 points in January, compared with 139.0 points in December 2011, according to the Statistics Department. Inflation in the Kingdom is expected to moderate to an annual average of 4.4% in 2012, due to negligible external price pressures, resulting from lower commodity prices, a strong dollar; subdued inflation in its trading partners will underpin the decline.

Venezuela’s economy expanded at the fastest pace since 2008 in the 4Q11 as record oil revenues allowed the government to boost fiscal spending. The economy expanded by 4.9% in the 4Q11 from a year earlier, according to the Venezuelan central bank. The average oil export price of $101.06/b last year compared with $71.97 in 2010. The oil sector expanded 1.8% in the 4Q from a year earlier, the non-oil sector rose 5.1% and private consumption rose 5.3%, the bank said in a report. Manufacturing grew 5% in the 4Q. Financial institutions and insurance grew the most, rising 18.8%. Investment rose 11.6%, the central bank said. The government had a current account surplus of $4.58 bn in the quarter, while FDI was $1.5 bn.

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

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


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