OPEC Monthly Oil Market Report – November 2017
The economy of
showed a faster rate of growth for the third consecutive quarter in 2Q17. GDP
posted growth of 4.6% y-o-y in 2Q17, up from 4.4% in the previous quarter. While household consumption
saw a slightly slower pace of growth of 4.9% y-o-y in 2Q17, from 5.0% in 1Q17, public consumption more
than doubled its growth rate over the same period to increase by 2.5% y-o-y in 2Q17 vs. 1.1% in 1Q17.
GFCF reversed its five-quarter streak of contraction to expand by 1.0% y-o-y in 2Q17. On the trade side,
both exports and imports registered slower rates of growth in 2Q17. Export growth dropped from 9.0% y-o-y
in 1Q17, to just 3.1% in 2Q17. Import growth plunged from 9.4% y-o-y in 1Q17 to 5.5% in 2Q17.