MENAs GDP swings to 3.8% growth in 2012 on higher oil output World Bank.

By bne IntelliNews January 17, 2013
Gross domestic product (GDP) in the developing Middle East and North Africa (MENA) region rose by 3.8% y/y in 2012 reversing a 2.4% contraction the year before, the World Bank said in its latest Global Economic Prospects report. Higher Libyan oil output and expanding Iraqi production underpinned the reading. MENAs economic growth, however, remains undermined by political uncertainty and unrest in several countries, the World Bank warned. MENAs oil-importing states saw their aggregate GDP growth inch up to 2.5% in 2012 from 2.4% the year before due to weak exports and tourism. A weak harvest season in Morocco, fiscal difficulties in Jordan, and ongoing uncertainty and weak FX reserves position in Egypt also dented growth, the World Bank said. For 2013, MENAs GDP growth will likely slow to 3.4% before speeding up to 4.3% by 2015 in case regional uncertainty and domestic turmoil in certain countries ease. Better tourism activity, higher exports and stronger external demand will also help boost regional growth, the World Bank said.
2011 2012 (Est.) 2013 (F) 2014 (F) 2015 (F)
GDP CA (% of GDP) GDP CA(% of GDP) GDP CA(% of GDP) GDP CA(% of GDP) GDP CA(% of GDP)
Lebanon 3,0% -21,4% 1,7% -20,1% 2,8% -19,4% 3,8% -18,5% 4,0% -17,9%
Jordan 2,6% -12,0% 3,0% -14,7% 3,3% -13,3% 4,0% -12,7% 4,5% -12,1%
Morocco 5,0% -8,3% 3,0% -9,0% 4,4% -8,1% 4,8% -7,4% 5,1% -6,7%
Tunisia -1,8% -7,4% 2,4% -9,0% 3,2% -8,4% 4,5% -8,1% 4,8% -8,0%
Source: World Bank
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