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Qatar CPI Inflation 0.16% m-o-m in Nov-23

- Qatar's CPI inflation increased by 0.16% month-on-month in November 2023, marking the lowest growth rate since August 2023 and smashing the annual rate 1.2pp lower to 1.3% y-o-y.
- Despite being 0.11 percentage points above the one-year average, it remains 0.17 percentage points below the long-run average, indicating a relatively subdued inflationary environment.

Qatar GDP growth 0.5% q-o-q in Q2-23

- Qatar's GDP growth in Q2-23 registered a modest increase of 0.5% quarter-on-quarter, marking the highest expansion since Q4-22.
- However, this growth rate falls short of both the one-year average and the long-run average, indicating that the economy is still facing challenges.

Qatar M2 Money Supply 3.4% y-o-y in Oct-23

- Qatar's M2 Money Supply experienced its highest year-on-year growth since June 2023, reaching 3.4% in October 2023.
- The Credit Growth in Qatar saw an increase of 5.6% year-on-year in the same period.

Oil: Lower For Longer?

• Although Opec+ will almost certainly extend existing cuts at its 26 November meeting and might agree to modest additional trimming, growth in non-Opec+ production is currently on track to see global output outpacing demand through 2024.

By Alastair Newton