Dubai's non-oil sector saw a decline in September as its PMI decreased from 53.3 in August to 51.5. Weaker customer demand and a fall in orders contributed to this drop in activity.

However, business confidence received a boost in October due to the start of Expo 2020 and the event is also expected to generate higher sales.

Jordanian economy growth

Jordan’s GDP grew annually by 3.2 percent in the second quarter of 2021 up from 0.3 percent in the previous quarter, the Central Bank of Jordan said. This was in part due to a favorable base effect from the pandemic last year as GDP declined by 3.6 percent in Q2 2020. 

The construction and mining sectors led this jump in production as they rose by 5.7 percent and 5.4 percent respectively.

Scandinavian inflation mounts

Norway's annual inflation rate rose to 4.1 percent in September 2021 up from 3.4 percent in the previous month, official data revealed. This is the highest inflation rate since July 2016 and was driven mainly by hikes in the prices of housing, utilities and household equipment.

The Danish yearly inflation rate also reached 2.2 percent in September, a 9-year high. Data published by Statistics Denmark showed that the increase in inflation was fuelled by a massive 52.8 percent annual increase in gas prices as well as a 15.2 percent rise in electricity prices.

Turkey’s unemployment

Data from the Turkish Statistical Institute showed that the country’s unemployment rate remained unchanged in September, at 12.1 percent. Job losses in the services sector were offset by hiring increases in the industry, agriculture and construction sectors.

Current accounts

Russia’s current account surplus reached a new record in the third quarter of 2021, valued at $40.8 billion compared to $3.9 billion in 3Q 2020. The Russian central bank’s preliminary estimates also revealed that the goods supply surplus rose to $56.8 billion in Q3 this year as exports soared by an annual rate of 70.8 percent. Oil products largely led this increase.

The current account of Turkey recorded a surplus in October for the first time in a year, Turkey’s central bank said. It stood at $0.53 billion in October up from a deficit of $4.1 billion in the same period last year. The services account surplus witnessed a rise from $1.8 billion last year to $4.1 billion this October.