OREANDA-NEWS. The growth rate of OPEC Member Countries for 2013 has been revised down by 0.9 percentage points to 3.3% from June‘s growth forecast of 4.2%, due to accommodation of the latest available data from 2012 and the first half of 2013. As for 2014, OPEC member countries‘ GDP growth points towards a solid expansion of 4.2%, with more than half of the improvement coming from an expected acceleration in the economy of Iran.

 SABB HSBC Saudi Arabia’s June PMI continued pointing to expansion in the country‘s non-oil producing private sector. The index, however, signaled slower momentum of growth for the third consecutive month as it slid to 56.6 in June from 57.3 the previous month. In addition, the survey indicated a slowdown in new order growth, accompanied by an increase in input costs. Likewise, the United Arab Emirates’ (UAE) PMI remained well in expansion territory in June at 54.1, albeit at a slower pace compared to May, when the index stood at 55.3. The survey concluded a marginal rise in export business, acceleration in labour costs, a slower output speed and increases in new business.