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OPEC Member Countries Economy in August 2013

Source: OPEC 9/7/2013, Location: Middle East

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OPEC Member Country economies are foreseen to post output growth of 3.3% this year. For 2014, OPEC Member Countries’ GDP growth is forecast to reach 4.2%. Kuwait’s oil revenue is foreseen to hit 16.88 billion dinars during the current fiscal year according to the budget announced last month, while non-oil revenue is expected to rise by 4.2% compared to last fiscal year. The July SABB-HSBC PMI for Saudi Arabia continued pointing towards an expansion in the non-oil producing private sector. The index, maintained its growth momentum to stand unchanged at 56.6 in July from the previous month. In addition, the survey indicated a marginal increase in new order growth. Likewise, the United Arab Emirates’ PMI remained well in expansion territory in July (54.5) from the June reading (54.1). The survey concluded an accelerating pace of growth in demand from export markets.

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