Oil Leads To Sales Slide

October 2006 | Industry Forecast

We have revised our 2006 GDP growth forecast down very slightly, to 6.4% (from 6.7% previously), which would be slightly lower than the 2005 figure of 6.6%. The revision reflects the release of 2005 data as well as recent reports that crude oil output fell in Q206. We now expect crude oil output to fall slightly in 2006, which is negative for growth. However, with government spending set to expand again, while liquidity is still buoyant, robust non-oil sector growth will keep overall growth above 6%. Further out in the forecast period, oil output will continue to expand gradually, but

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