OPEC Lifts 2016 OECD Growth Forecast to 1.7% Due to US, Japan Performance

The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its 2016 forecast for the Organisation for Economic Co-operation and Development (OECD) growth from 1.6 to 1.7 percent due to GDP growth in the United States and Japan in the third quarter of the year, according to the cartel’s monthly report published Wednesday.

MOSCOW (Sputnik) — The figures were positively affected by ongoing solid private household consumption, growing exports and private investment, according to the organization.

"Better-than-expected 3Q16 GDP growth in the US and Japan lifted the 2016 OECD growth forecast from 1.6% to 1.7% – which is the same level as the unchanged forecast for 2017 growth," the December report reads.