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Qatar M2 money supply 1.28% y-o-y in Jul-23

- Qatar's M2 money supply growth rate in July 2023 has declined to 1.28%, marking the lowest growth rate since March 2021 and falling significantly below both the one-year and long-run averages.
- The year-on-year growth rate of total credit in June 2023 stands at 3.81%, indicating a moderate pace of lending activity but requiring further scrutiny in conjunction with other economic indicators.

Qatar CPI inflation 3.11% y-o-y in Jul-23

- Qatar's CPI inflation in July 2023 increased by 3.11% year-on-year, the highest growth since April 2023.
- Despite being 1.19 percentage points below the one-year average, the inflation rate remains 1.75 percentage points above the long-term average.

Qatar PMI 54.0 in Jul-23

- Qatar's PMI for July 2023 stands at 54.0, indicating a solid expansion in the country's private sector and a positive trajectory for its economic recovery.
- The July PMI is significantly higher than the one-year average, reflecting improved economic conditions and a strengthening performance of Qatar's private sector.

Opec: Is The End (Finally) Nigh?

• Historically, forecasts of Opec’s imminent demise have proved well wide of the mark. However, keeping the cartel together as we enter an era of permanently declining demand for oil may prove much more challenging.

By Alastair Newton