Page 8 - Policy Economic Report - November 2025
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 3: Consumer prices, G7 economies & OECD – All items, y-o-y inflation rate
Global PMI
The J.P. Morgan Global PMI Composite Output Index - produced by S&P Global, was recorded at 52.9 in
October, up from 52.5 in September. The latest reading was the highest in nearly one-and-a-half years. At
its current level, the PMI is broadly consistent with global GDP growing at an annualized rate of 3.0%,
which is slightly higher than the 2.8% signaled for the third quarter.
Figure 4: J.P. Morgan Global Composite PMI Output & GDP
Source-: J.P. Morgan, S&P Global
October saw manufacturing production and service sector business activity accelerate, with the service
sector outperforming manufacturing for the eighth month in a row. The Global Manufacturing Output
Index posted 51.5 and the Global Services Business Activity Index rose to 53.4.
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