OPEC+ members rule out production increase

Jeddah - Yasmine El Tohamy - RIYADH: Germany’s inflation would notably decline at the beginning of the next year as the effects of one-off factors soften, the country's Economy Ministry said on Monday.

The temporary decrease in the value-added tax rate in the middle of 2021 helped inflation to increase to 4.5 percent in October. Higher prices of raw materials and a rise in energy prices also contributed to the hike in inflation 

Additionally, supply bottlenecks have become more widespread, meaning that the industrial output is likely to remain weak in the coming year despite the large number of orders. 

Moreover, the county’s output is expected to expand slightly in the fourth quarter of the year, the ministry added. 

Qatar inflation 

The annual inflation rate in Qatar increased to 4.28 percent in October from 2.71 percent in the previous month, official data showed. It recorded the highest rate since December 2008.

Meanwhile, consumer prices rose 1.34 percent month over month, the biggest rise since the series began in 2009, accelerating from a 0.03 percent rise in September.

Trade surplus

The eurozone’s trade surplus shrank to €7.3 billion ($8.36 billion) in September compared to €24.1 billion in the same month of the previous year, according to Eurostat. 

Exports and imports recorded an increase from the prior year, rising by 10 percent to €209.3 billion, and by 21.6 percent to €202 billion, respectively.

Analyzing the first nine months of 2021 for balance trade, the surplus shrank to €131.9 billion from €151.2 billion last year due to exports growing 14.7 percent while imports developed by 17.7 percent. 

Budget balance 

The Turkish government’s deficit soared to 17.41 billion Turkish lira ($1.7 billion) in October, up from last year’s 4.90 billion lira in the same month, according to the Undersecretariat of Treasury in Turkey. 

The total expenditure widened by 34.6 percent to 131.42 billion lira . Also, revenues grew at a slow 22.9 percent to 114.02 billion lira

The primary balance, which excludes interest payments, reached a deficit of 3.11 billion lira in October, down from a surplus of 6.86 billion lira last year.

Trade balance 

The trade balance of India was revised less than the preliminary projections of $19.9 billion to $19.7 billion in October, the country’s Ministry of Commerce and Industry said. 

Imports jumped by a yearly rate of 62.5 percent to $55.4 billion, likely due to increased crude oil purchases, which rose by 140.5 percent. 

Also, exports recorded a growth rate of 43 percent to $35.7 billion due to sales of petroleum products, coffee, and engineering goods, as they went up by 240, 81, and 51 percent respectively.