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World Economy

OPEC Monthly Oil Market Report – September 2017

27

in services activity since May, as new orders increased solidly, employment increased by the highest level in

four months and business confidence strengthened.

Graph 3 - 29: Chinese PMI

Graph 3 - 30: Chinese industrial production

China’s GDP growth

expectation remains unchanged at 6.7% in 2017 and 6.3% for 2018.

OPEC Member Countries

Inflation in

Saudi Arabia

posted -0.3% y-o-y in July, maintaining its notable easing since the beginning of the

year due to the baseline effect, which could be a supporting factor for private consumption. The non-oil

private sector grew at a solid pace in August. The Emirates NBD Saudi Arabia PMI for August registered

55.8, up from 55.7, suggesting continued solid improvement in the business conditions of the non-oil private

sector. The index survey showed a sharp rise in output and new orders accompanied by a record increase in

inventories. The survey showed that private sector firms faced further capacity pressure for the tenth

consecutive month in August, which led to payroll rise. The increase in salaries together with the rise in

prices of purchased input have raised the cost burden, which eventually transferred to consumers. Yet, price

increase was negligible. The index average of 1H17 stood at 56.0, highlighting a higher growth rate

compared with the first six months of 2016. Further increase of demand have encouraged optimistic

expectations over the coming 12 months outlook by the country’s non-oil private firms

Graph 3 - 31: Saudi Arabia manufacturing PMIs

Graph 3 - 32: Saudi Arabia inflation

After five quarters of recession, the economy of

Nigeria

registered 0.6% y-o-y growth in 2Q17, from a

contraction of 0.5% y-o-y in the previous quarter, according to the National Bureau of Statistics. Inflation is

on an easing trend since the beginning of the year, posting 16.1% y-o-y in July vs 18.7% in January. The

52.4

51.6

52.7

48

49

50

51

52

53

54

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Index

Sources: Caixin, IHS Markit and Haver Analytics.

Composite PMI

Manufacturing PMI

Services PMI

6.4

5.0

5.5

6.0

6.5

7.0

7.5

8.0

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

% change y-o-y

Sources: China National Bureau of Statistics and

Haver Analytics.

55.8

45

50

55

60

Aug 15

Oct 15

Dec 15

Feb 16

Apr 16

Jun 16

Aug 16

Oct 16

Dec 16

Feb 17

Apr 17

Jun 17

Aug 17

Index

Sources: Emirates NBD, IHS Markit and Haver Analytics.

-0.3

-1

0

1

2

3

4

5

Jul 15

Sep 15

Nov 15

Jan 16

Mar 16

May 16

Jul 16

Sep 16

Nov 16

Jan 17

Mar 17

May 17

Jul 17

Sources: General Authority for Statistics and Haver Analytics.

% change y-o-y