Gulf Oil and Gas accountACCOUNT

OPEC Member Countries Economy – December 2011

Source: OPEC 1/11/2012, Location: Middle East

Real GDP in Saudi Arabia is expected to moderate to 4.7% in 2012 mainly due to expected lower average oil production. Year-on-year inflation in Saudi Arabia dipped to 5.2% in October from 5.3% in September owing to lower food price inflation. The trade and current account surplus is expected to jump on higher export realization in 2011. Exports are likely to jump 40% year-on-year this year to 1320 billion riyals. Imports are also expected to grow 13% year on-year to reach 453 billion riyals in 2011. Thus, the trade surplus is also expected to touch a record high of 867 billion riyals equivalent to 43% of GDP this year. The current account surplus is expected to reach 537 billion riyals, equivalent to 27% of GDP. Nigerian inflation remains a “threat” to the economy, leaving little room to loosen monetary policy, even as the European debt crisis worsens.

The Central Bank of Nigeria has kept its benchmark rate unchanged at a record 12% for the first time this year on 22 November, believing that 6 percentage points of rate increases since September 2010 will control rising inflation. Price pressures may climb in 2012, as the government prepares to end fuel subsidies and the economy expands an estimated 7.7%. Nigeria devalued the naira, as the government lowered its budget price for oil exports from $75/b in 2011 to $70/b in 2012 in addition to lower-thanexpected oil revenue of 2011.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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