OPEC Monthly Oil Market Report – September 2017
, the GDP registered growth of 5.0% y-o-y in 2Q17, similar to 1Q17. Growth in household
consumption expenditures was unchanged from first quarter at nearly 5.0%. However, general government
consumption expenditures dropped by 1.9% y-o-y in 2Q17, compared with 2.7% growth in the previous
quarter. The GFCF, on the other hand, accelerated to 5.4% y-o-y growth in 2Q17, up from 4.8% in 1Q17.
Trade was also supportive of growth as net exports of goods and services climbed by more than 36% y-o-y
in 2Q17. While exports increased by 3.4% y-o-y in 2Q17, imports posted a slow increase of only 0.6% y-o-y.
Consumer price inflation posted a 3.8% y-o-y increase in August, down from the previous month and the
lowest in five months. The Bank of Indonesia interest rate was unchanged in July at 6.5%.
, the GDP registered its fastest growth in 2Q17 since 1Q13, growing by 3.7% y-o-y, up from 3.3%
in the previous quarter. Despite a slowdown in the private consumption expenditure pace of growth, greater
government consumption expenditures and trade led to higher GDP growth in 2Q17. Government
consumption accelerated from 0.3% y-o-y in 1Q17 to 2.7% in 2Q17. Exports posted their fastest growth
since 4Q12, up by 6.0%, whereas imports increased by 8.2% y-o-y in 2Q17. Consumer prices increased by
0.3% y-o-y in August from July’s 0.2%.
At the time of writing, the UN is in the process of considering further sanctions on
barring a dramatic escalation in tensions, the sanctions being considered are not expected to have a
significant impact on the global economy in 2017 and 2018, due to the country’s negligible share in the world
Two large African economies posted encouraging GDP growth in 2Q17. In
, the GDP saw 0.6% y-o-y
growth in 2Q17, following five quarters of recession, according to the National Bureau of Statistics.
, the GDP grew at its fastest pace since 3Q15 in 2Q17. Growth stood at 0.8% y-o-y, up from
0.2% in the previous quarter. Private consumption increased by a notably faster pace of 1.7% y-o-y to reach
its highest point since 4Q15. Public consumption slightly increased by 0.1% y-o-y in 2Q17 vs a 0.3%
contraction posted the previous quarter. The GFCF, on the other hand, remained in contraction territory in
2Q17. Trade was not supportive of growth in 2Q17, as exports declined by 0.6% y-o-y from growth of 0.7%
in 1Q17, while imports increased by 4.7% y-o-y in 2Q17, up from 0.6% in the previous quarter.
, the pound slightly appreciated by 0.9% m-o-m in August against the dollar after accumulating
depreciation of nearly 95% from November 2016 through to April 2017. Inflation continued posting readings
north of 30% for the sixth consecutive month in July and is expected to rise further in the coming months due
to a recent reduction in subsidies for some fuel/energy items and public services. The country’s non-oil
private sector markedly improved in August as suggested by its respective PMI due to an increase in new
orders from abroad and the weakest decline in output. The index registered 48.9 in August, up from July’s
, the GDP expanded by 0.9% y-o-y in 2Q17, up from 0.1% in 1Q17. While government consumption
showed slower growth at a rate of 2.7% y-o-y in 2Q17, private consumption growth picked up to 2.6% in
2Q17 vs 1.8% in the previous quarter. The contribution of GFCF to growth continued to be negative in 2Q17
for the fourth consecutive quarter. The GFCF contracted by 4.1% y-o-y in 2Q17 vs a 2.4% contraction in
1Q17. Trade also did not provide support for higher GDP growth in 2Q17, with exports of goods and services
dropping by 3.5% y-o-y and imports of goods and services increasing by 7.0%. In 1Q17, the GDP of Chile
grew at its slowest pace since 3Q09 during the global financial crisis. The economy posted growth of just
0.1% y-o-y in 1Q17 due to a decline in private consumption and GFCF.