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The world economy

11

Sources

IMF, International Financial Statistics; IMF, World Economic

Outlook; EIU, country reports; official OPEC Member Countries’

statistics; OPEC Secretariat estimates.

Table 4

OPECMember Countries’ real GDP growth rates, 2015–2016

(% change over previous period)

Member Country

2015

2016

Algeria

3.9

3.4

Angola

3.0

1.0

Ecuador

0.2

–2.0

Indonesia

4.0

2.9

IR Iran

0.9

4.5

Iraq

–2.4

5.0

Kuwait

0.9

2.0

Libya

–11.7

–4.0

Nigeria

2.8

–1.5

Qatar

3.6

2.5

Saudi Arabia

3.5

1.4

United Arab Emirates

3.8

2.3

Venezuela

–6.2

–9.0

Average OPEC

1.3

1.4

cut its benchmark rate (the repurchasing rate) by 175

basis points since January 2015, proved insufficient

to revive industrial credit growth considerably. The

supply-side GDP measure may paint a more realistic

picture, although strong manufacturing growth in the

December quarter probably reflects the cost effect.

India’s average composite Purchasing Manager’s

Index (PMI) slightly decreased to 52.1 in 2016 com-

pared with 51.9 in 2015.

China’s economy is slowing, with growth eas-

ing to a 26-year low of 6.7% in 2016, slightly lower

than the 6.9% rate posted in 2015. Main drivers in

China’s economy for 2016 include faster GDP growth

through improved service sector growth, which ex-

panded by 8.3%; industrial and construction sector

growth, which was at 6.1%; and agricultural sector

growth, which slowed to 2.9%. Industrial value-add-

ed output slowed to growth of 6.0% in December, a

five-month low. Household consumption remained

robust towards the end of 2016, with moving average

real growth picking up to 7.1% y-o-y in 4Q16, slightly

more than a similarly calculated trend in dispos-

able income. Investment momentum eased further

towards the end of 2016, with real growth of fixed

asset investment slowing to 6.9% y-o-y in 4Q16. In

December 2016, the China Foreign Exchange Trade

System, a unit of the PBoC, announced a revision to

the basket of currencies used to manage the Chinese