Page 6 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Economy in Focus

1. A snapshot of the global economy

Global economic growth
According to OECD, GDP growth showed a mixed picture across the 25 OECD; wherein 12 countries
recorded higher growth rates compared with Q2 2025, GDP was unchanged in 3 countries, while 5
recorded lower growth compared with Q2 2025 and 5 recorded a GDP contraction. As a result, GDP
growth in the OECD slowed to 0.2% in Q3 2025, down from 0.4% in the previous quarter, according to
provisional estimates released by OECD.

Looking at G7 countries, growth accelerated in France, reaching 0.5%, up from 0.3% in Q2 2025, sustained
by foreign trade as exports accelerated and imports decreased. Canada’s growth recovered in Q3 to 0.1%,
from -0.4% in the previous quarter. In Japan, GDP contracted by 0.4% in Q3, after 0.6% growth in Q2.
Foreign trade was the main drag on Japanese growth, with exports decreasing in Q3. The United Kingdom
saw a slowdown from 0.3% in Q2 to 0.1% in Q3, as destocking continued. Germany and Italy recorded
zero growth in Q3, after contractions of 0.2% and 0.1%, respectively, in Q2.

Among other OECD countries, Israel saw the largest acceleration, with growth rebounding to 3.0% in Q3,
after contracting by 1.1% in Q2. In contrast, Finland, Ireland, Lithuania, and Mexico recorded contractions
between 0.1 and 0.3% in Q3.

Year-on-year, OECD GDP growth slowed slightly in Q3 compared with Q2, from 1.7% to 1.5%. Among
available G7 economies, the United Kingdom recorded the highest annual increase (1.3%), while Germany
recorded the lowest (0.3%).

Figure 1: Real gross domestic product growth (quarter-on-quarter change)

Source- OECD Page | 5

November 2025