OPEC Monthly Oil Market Report – November 2017
Graph 3 - 31: Saudi Arabia’s manufacturing PMIs Graph 3 - 32: Saudi Arabia’s inflation
, inflation was slightly lower in September at 15.98%, the lowest since May 2016 and easing for the
sixth consecutive month. Prices of housing and utilities increased at slower pace, while food and transport
prices rose at faster rate. The central bank kept its benchmark interest rate intact in September at 14%. The
economy of Nigeria was out of recession in 2Q17 following five quarters of recession. The economy
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. The Stanbic IBTC Bank Nigeria PMI improved in October, confirming the
economic rebalancing and return to growth territory. The index rose to 55.8 in October, up from 54.9 in the
previous month. The reading of October is the highest in 34 months, suggesting a strong start of the fourth
quarter of the year. This improvement was attributed to the notable acceleration in new orders and output. In
addition, new orders from abroad went up by the highest rate in more than three years. The survey also
showed that job creation continued to increase in October for the sixth consecutive month so as to meet
rising output requirements. The buying activity witnessed a sharp expansion in anticipation of demand
acceleration. In October, buying activity grew by the fastest pace since November 2016.
Graph 3 - 33: Nigeria’s manufacturing PMIs
Graph 3 - 34: Nigeria’s inflation
, GDP posted strong growth of 16.0% y-o-y in 1Q17 on the back of sharp increase in net exports
and private consumption. Net exports, which account for an average of 9% of GDP, accelerated by 48%
y-o-y. The non-oil exports value in dollars increased by around 12% y-o-y, while quantities of crude oil
exports soared by nearly 30% y-o-y over the same period. Furthermore, another notable support to growth
came from private consumption which makes up 43% of GDP, which grew by 6.3% y-o-y in 1Q17,
highlighting the second-fastest pace of growth since 3Q11. Investment that makes up nearly one fourth of
GDP also rose in 1Q17, by 3.1% y-o-y; whereas government consumption was nearly flat at just a 0.3%
y-o-y increase. Consumer price inflation has been on a downward trend since May 2017, falling from 12.7%
y-o-y in April 2017 to 8.4% in October.
Sources: Emirates NBD, IHS Markit and Haver Analytics.
Sources: General Authority for Statistics and Haver Analytics.
% change y-o-y
Sources: IHS Markit, Stanbic IBTC Bank and Haver Analytics.
Sources: National Bureau of Statistics and Haver Analytics.
% change y-o-y