Page 10 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Global PMI

• The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global - registered 52.0
in September 2024, down from 52.8 in August 2024. The latest reading indicated that growth
unfolded at the slowest pace since January and is broadly indicative of the deceleration in the
global GDP growth rate.

• The latest global economic expansion remained uneven with the service sector driving growth
while manufacturing output fell for the first time since last December. A deepening of the demand
downturn in the manufacturing sector was attributed partly to falling trade flows. By region,
production fell mainly among firms in developed economies, though emerging market
manufacturing output growth also slowed to the softest in nearly a year and was only marginal.

Figure 5: Global economic growth and the PMI

Source- S&P Global Page | 9

October 2024