MENA | Turkey GDP; Saudi FDI; OPEC+ meeting
Turkey’s economy posted growth of 0.9% q/q in Q2. The better result than our forecast of a 0.6% q/q decline was fuelled by a strong post-lockdown rebound in June. And latest indicators show activity surged to new highs in Q3, presenting upside risks to our forecast, notwithstanding concerns surrounding the spread of the Delta variant. We will be raising our 2021 GDP growth forecast above 8%
What you will learn:
- Following reform that allows 100% foreign ownership in the private sector as well as a large-scale investment programme announced by the government, Saudi Arabia’s foreign direct investment rose by 13% year-on-year in Q1 2021, with the number of business licenses increasing by 36% in the same period.
- OPEC+ agreed to stick with the previously agreed gradual output hikes, boosting production by 400,000 bpd each month between now and late 2022.
- Despite speculation that production could be increased more rapidly, OPEC has urged caution against a backdrop of the spread of the more contagious Delta variant.
Tags:
Related Services
Post
Eurozone: Little sign of harm from the Red Sea disruptions
The impact of Red Sea shipping disruption on the eurozone economy continues to be limited, in line with our baseline view. Our new Eurozone Supply Stress Indicator suggests that supply pressures have returned to normal following a period of easing in 2023.
Find Out More
Post
GCC: Key themes shaping city economies in the near term
For Gulf cities, the near-term outlook will be tied not only to the global macroeconomic backdrop, but also the progress of the diverse visions and strategies in the region. With the aim to diversify their economies and reduce the dependence on oil, Gulf states continue to invest in the non-oil economy and implement various reforms. That said, oil revenues remain key to funding diversification efforts.
Find Out More