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World Economy

OPEC Monthly Oil Market Report – November 2017

27

Graph 3 - 35: Iran’s GDP growth

Graph 3 - 36: Iran’s GDP growth by expenditure

Inflation in the

United Arab Emirates

(UAE) increased to 1.1% y-o-y in September, from nearly 0.8% y-o-y

in the previous month. In July, inflation stood at 1.2% y-o-y. The deceleration in the prices of housing, water,

electricity and gas eased in September alongside textile and clothing prices. On the other hand, prices of

food and soft drinks increased together with transportation. Expansion in the country’s non-oil private sector

continued at stronger pace in October, following September’s moderate expansion, according to the

Emirates NBD UAE PMI. The index rose to 55.9 in October, up from 55.1 in the previous month. It is also

higher than the full series average of 54.6. The survey showed record expansion in stocks of purchases as

firms expect higher demand in the coming weeks. Output had a sharp overall rise in October. The survey

also showed steep growth in non-oil private sector new orders, while demand from abroad showed an uptick

last month. Inflation continued rising in October though at a subdued pace due to the increase in raw

material costs. However, competition led firms to cut output prices by the fastest rate since March 2010

despite the small rise in input costs. As for job creation, the survey showed a continuation of the hiring trend

that started 18 months ago.

Graph 3 - 37: UAE’s manufacturing PMIs

Graph 3 - 38: UAE’s inflation

16.0

-15

-10

-5

0

5

10

15

20

1Q 11

1Q 12

1Q 13

1Q 14

1Q 15

1Q 16

1Q 17

Sources: Central Bank of the Islamic Republic of Iran and

Haver Analytics.

% change y-o-y

-10

0

10

20

30

40

50

60

Private Government

Consumption

GFCF Net exports

1Q 16

1Q 17

Sources: Central Bank of the Islamic Republic of Iran and

Haver Analytics.

% change y-o-y

55.9

45

50

55

60

Oct 15

Dec 15

Feb 16

Apr 16

Jun 16

Aug 16

Oct 16

Dec 16

Feb 17

Apr 17

Jun 17

Aug 17

Oct 17

Index

Sources: Emirates NBD, IHS Markit and Haver Analytics.

1.1

0

1

2

3

4

5

Sep 15

Nov 15

Jan 16

Mar 16

May 16

Jul 16

Sep 16

Nov 16

Jan 17

Mar 17

May 17

Jul 17

Sep 17

Sources: General Authority for Statistics and Haver Analytics.

% change y-o-y