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OPEC Member Countries Economy – November 2012

Source: OPEC 11/26/2012, Location: Middle East

Despite the prevailing global economic gloom, the Saudi economy continues on a solid growth path. While this year expansion is not likely to match that of last year, it is more likely to register one of the highest growth rates among the G20 countries. Higher production and higher oil prices ($109/b) would generate record-high oil revenues of SR 1.08 trillion, or 44.3% of GDP, leading to a fiscal surplus of SR 347.7 bn in 2012, some 5% higher than earlier forecast. At the same time, it is expected that the current account balance would benefit from $ 322.6 bn of oil exports, leading to a surplus of $167.5 bn or 25.8% of GDP. According to the kingdom's Central Department of Statistics and Information, consumer price index inflation in Saudi Arabia lost more pace in September, rising at an annual rate of only 3.6%, lower still than the 3.8% recorded in August. On a monthly basis, the kingdom's CPI rose 0.6% in September.

Iraq's cabinet ratified on 23 October the proposed budget for 2013 of IQD 138 trillion (roughly US$118 bn), according to AFP. This represents an 18% y-o-y increase in spending relative to the 2012 budget. Sixty per cent of the budget is allocated to government operations and salaries, while the remainder will be spent on investment projects. Inflationary pressures rose further in Qatar during September, with the emirate's CPI gaining 2.6% y-o-y, according to data from the Qatar Statistics Authority (QSA). The QSA noted that all the components of the CPI rose, with the exception of rent, fuel and energy. According to figures released by the QSA, the emirate's trade surplus fell in 2Q as exports declined and imports increased. Exports fell 4.0% relative to 1Q12, but gained 12.9% versus 2Q11.

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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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