## mreo0416st

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---

### Statistical Appendix: scope and country coverage
- The IMF’s Middle East and Central Asia Department (MCD) countries and territories comprise Afghanistan, Algeria, Armenia, Azerbaijan, Bahrain, Djibouti, Egypt, Georgia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, the Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tajikistan, Tunisia, Turkmenistan, the United Arab Emirates, Uzbekistan, the West Bank and Gaza, and Yemen.
- The statistical appendix tables contain data for 31 MCD countries.
- Somalia is excluded from all regional aggregates due to a lack of reliable data.
- 2011 data for Sudan exclude South Sudan after July 9; data for 2012 onward pertain to the current Sudan.
- All data for Syria are excluded for 2011 onward due to the uncertain political situation.
- All data refer to calendar years except:
  - Afghanistan (March 21/March 20 until 2011, and December 21/December 20 thereafter)
  - Iran (March 21/March 20)
  - Qatar (April/March)
  - Egypt and Pakistan (July/June) except inflation.
- Data in Tables 7 and 8 relate to the calendar year for all aggregates and countries, except Iran, for which the Iranian calendar year (beginning on March 21) is used.
- Data for West Bank and Gaza are included in all tables except in 3–6, 8, 10, 13, and 14.
- In Tables 3, 6, 13, and 14, “oil” includes gas.

### Assumptions for projections (Regional Economic Outlook Update: Middle East and Central Asia)
- Established policies of national authorities are assumed to be maintained.
- Oil price assumptions:
  - US$34.8 a barrel in 2016
  - US$41.0 a barrel in 2017
- Six‑month LIBOR on U.S. dollar deposits assumed to average:
  - 0.9 percent in 2016
  - 1.5 percent in 2017
- The 2016 and 2017 data in the figures and tables are projections based on statistical information available through late March 2016.
- The 2016 and 2017 projections are working hypotheses rather than forecasts.

### Aggregation and weighting conventions
- Composites for domestic economy data (Tables 1, 3, 7–8, and 10–17), whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total MCD or group GDP.
- Country group composites for the growth rates of broad money (Table 9) are weighted by GDP converted to U.S. dollars at market exchange rates (both GDP and exchange rates are averaged over the preceding three years) as a share of MCD or group GDP.
- Composites for the external economy in nominal terms (Tables 18–20 and 22) are sums of individual country data.
- Composites for the external economy in percent of GDP (Tables 21 and 23) are weighted by GDP in U.S. dollars as a share of MCD or group GDP in U.S. dollars.
- Composites in Tables 2, 4, and 5 are sums of the individual country data.
- In tables, ellipsis points (. . .) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.”

### Key projections and statistics (selected table highlights; annual change unless stated)
- Real GDP Growth (annual change; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 5.2; 2.3; 2.8; 2.5; 3.1; 3.5
  - MENAP oil exporters: 5.4; 1.9; 2.7; 1.9; 2.9; 3.1
  - MENAP oil importers: 4.6; 3.1; 2.9; 3.8; 3.5; 4.2
  - CCA: 8.7; 6.6; 5.3; 3.1; 1.2; 2.5
  - CCA oil and gas exporters: 9.0; 6.8; 5.4; 3.2; 1.1; 2.4
  - CCA oil and gas importers: 6.5; 5.6; 4.6; 3.0; 2.6; 3.5
  - Conflict countries: 9.2; 3.0; -4.8; -2.0; 5.4; 5.4
  - MENA: 5.3; 2.1; 2.6; 2.3; 2.9; 3.3
  - GCC: 5.1; 3.2; 3.5; 3.3; 1.8; 2.3
- Nominal GDP (Billions of U.S. dollars) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 1,915.7; 3,393.3; 3,478.0; 3,143.7; 2,441.5; 2,626.6
  - MENAP oil exporters: 1,403.0; 2,548.1; 2,588.1; 2,198.2; 2,079.4; 2,248.9
  - MENAP oil importers: 512.8; 845.1; 889.9; 945.5; 362.1; 377.7
  - CCA: 183.0; 447.3; 447.3; 367.7; 285.3; 309.3
  - GCC: 832.8; 1,619.1; 1,647.0; 1,393.7; 1,302.2; 1,406.4
  - Arab World: 1,471.8; 2,761.6; 2,797.7; 2,466.9; 2,038.1; 2,199.9
  - Conflict countries: 179.6; 339.0; 311.2; 244.6; 225.0; 259.4
- Oil Exporters: Oil and Non-Oil Real GDP Growth (annual change; percent) — selected series:
  - MENAP oil exporters (Oil GDP): 7.1; 4.9; 3.7; 1.5; 1.9; 2.8
  - MENAP oil exporters (Non-Oil GDP): 23.98; 25.13; 24.48; 25.32; 26.52; 27.55
  - CCA oil and gas exporters (Oil GDP): 2.1; 2.8; 2.9; 2.7; 2.7; 2.76
  - GCC (Non-Oil GDP): 15.16; 17.19; 17.19; 17.84; 18.01; 18.25
- Crude Oil and Natural Gas Production (Millions of barrels per day) — crude oil production, selected series:
  - MENAP oil exporters: 17.76; 19.00; 17.81; 18.69; 19.75; 20.51
  - Saudi Arabia: 6.70; 7.57; 7.15; 7.46; 7.35; 7.30
  - United Arab Emirates: 2.20; 2.64; 2.63; 2.55; 2.61; 2.67
  - Iran, I.R. of: 2.34; 1.19; 1.16; 1.24; 1.81; 2.13
  - CCA oil and gas exporters: 1.70; 2.31; 2.24; 2.21; 2.16; 2.18
  - GCC: 12.02; 13.89; 13.36; 13.56; 13.48; 13.46
- Crude Oil and Natural Gas Exports (Millions of barrels per day) — crude oil exports, selected entries (2013; 2014; 2015; 2016; 2017 projections):
  - Algeria: 108.1; 135.3; 109.8; 87.6; 85.4
  - Iran, I.R. of: 48.9; 115.8; 100.0; 84.0; 61.5
  - Iraq: ...; 114.6; 113.2; 62.6; 59.7
  - Libya: 46.9; 110.8; 206.0; 196.9; 195.2
  - Saudi Arabia: ...; 89.0; 105.7; 94.8; 66.7
- Breakeven Oil Prices (U.S. dollars per barrel) — fiscal breakeven (selected series; Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 6.8; 10.0; 7.0; 5.7; 5.2; 4.9
  - MENAP oil exporters: 7.5; 10.4; 5.8; 5.3; 5.0; 4.0
  - Iran, I.R. of: 16.3; 34.7; 15.6; 12.0; 8.9; 8.2
  - Yemen: 11.6; 11.0; 8.2; 30.0; 27.5; 24.0
  - MENA: 6.6; 10.3; 6.8; 5.9; 5.5; 4.9
- Consumer Price Inflation (Year average; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 6.9; 13.0; 8.4; 6.3; ......; (2016–2017 data not fully shown)
  - MENAP oil exporters: 7.8; 15.8; 8.8; 6.5; 4.4; 1.2
  - Iran, I.R. of: 15.6; 39.6; 19.7; 12.8; 4.3; 0.4
  - Yemen: 10.4; 9.6; 7.5; 31.0; 28.5; 24.0
  - CCA: ...; 7.1; 3.2; 3.5; 3.4; 3.7
  - MENA: 7.2; 13.3; 8.3; 6.2; 4.2; 1.3
  - GCC: 0.6; 2.3; 2.0; 1.8; 4.3; 0.5
- Core Consumer Price Inflation (Year average; percent) — selected series:
  - MENAP: 16.6; 19.2; 11.6; 7.0; 7.2; 7.9
  - MENAP oil exporters: 18.2; 20.9; 11.4; 5.6; 5.8; 7.2
  - Iran, I.R. of: 28.3; 42.9; 18.8; 14.5; 15.7; 14.9
  - Saudi Arabia: 0.2; 2.4; 2.0; 1.8; 4.3; 0.5

### Notes on table usage
- "Projections" label denotes 2016 and 2017 entries where stated; 2015 data represent estimates.
- Definitions and groupings used in tables (examples):
  - CCA oil and gas exporters: Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan.
  - MENAP oil exporters: Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen.
  - MENAP oil importers: Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, Syria, and Tunisia.
  - GCC: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
  - Conflict countries: Iraq, Libya, Syria, and Yemen.
- Minor discrepancies between sums of constituent figures and totals are due to rounding.

### Broad Money Growth and Monetary indicators (selected series; Annual change; percent or levels where specified)
- Broad Money Growth (Annual change; percent):
  - MENAP: Average 1.9; 2013 0.0; 2014 -2.4; 2015 -7.8; 2016 -8.3; 2017 -6.7
  - MENAP oil exporters: Average 5.3; 2013 3.3; 2014 -0.5; 2015 -8.9; 2016 -9.9; 2017 -8.0
  - MENAP oil importers: Average -5.6; 2013 -6.9; 2014 -6.2; 2015 -5.5; 2016 -5.0; 2017 -4.1
  - CCA: 2013 3.5; 2014 1.7; 2015 -4.7; 2016 -6.2; 2017 -3.9
  - MENA (memorandum): Average 2.7; 2013 0.1; 2014 -2.6; 2015 -8.8; 2016 -9.6; 2017 -7.9
  - Selected country examples:
    - Egypt: 2013 ...; 2014 -13.0; 2015 -13.1; 2016 -11.6; 2017 -11.9
    - Saudi Arabia: Average 8.2; 2013 5.8; 2014 -3.4; 2015 -16.3; 2016 -13.5; 2017 -11.8
    - United Arab Emirates: Average 0.1; 2013 0.2; 2014 -0.1; 2015 -0.1; 2016 0.2; 2017 0.3

### Fiscal and public debt indicators (selected series; percent of GDP unless noted)
- Central Government Net Lending/Borrowing:
  - MENAP: Average 2.9; 2013 -0.3; 2014 -2.9; 2015 -9.2; 2016 -10.0; 2017 -8.2
  - MENAP oil exporters: Average 6.7; 2013 4.0; 2014 -0.6; 2015 -10.1; 2016 -11.6; 2017 -9.4
  - MENAP oil importers: Average -5.4; 2013 -9.4; 2014 -7.7; 2015 -7.3; 2016 -6.6; 2017 -5.7
  - MENA (memorandum): Average 3.8; 2013 0.7; 2014 -2.6; 2015 -9.7; 2016 -10.8; 2017 -8.9
  - GCC (memorandum): Average 10.8; 2013 10.2; 2014 3.3; 2015 -9.9; 2016 -12.3; 2017 -10.8
  - Selected country examples:
    - Libya: Average 12.7; 2013 -4.0; 2014 -40.3; 2015 -54.4; 2016 -58.0; 2017 -46.0
    - Qatar: Average 9.3; 2013 16.7; 2014 18.1; 2015 10.3; 2016 -2.7; 2017 -9.0
    - United Arab Emirates: Average 11.1; 2013 10.4; 2014 5.0; 2015 -4.9; 2016 -10.8; 2017 -8.5
- General Government Fiscal Balance (Percent of GDP):
  - MENAP: Average 31.2; 2013 30.9; 2014 28.8; 2015 23.6; 2016 22.7; 2017 23.5
  - MENAP oil exporters: Average 36.5; 2013 36.7; 2014 33.6; 2015 26.2; 2016 24.4; 2017 25.3
  - MENAP oil importers: Average 20.3; 2013 18.6; 2014 18.5; 2015 18.3; 2016 19.0; 2017 19.7
  - MENA (memorandum): Average 33.4; 2013 33.1; 2014 30.6; 2015 24.9; 2016 23.6; 2017 24.5
  - GCC (memorandum): Average 41.6; 2013 45.0; 2014 41.3; 2015 31.2; 2016 27.8; 2017 27.6
  - Selected country examples:
    - Saudi Arabia: Average 40.4; 2013 41.4; 2014 36.9; 2015 24.6; 2016 23.5; 2017 24.2
    - Kuwait: Average 66.1; 2013 71.8; 2014 68.5; 2015 54.8; 2016 46.2; 2017 47.7
    - Lebanon: Average 21.9; 2013 19.8; 2014 21.8; 2015 19.6; 2016 19.5; 2017 19.8
- General Government Total Revenue, Excluding Grants:
  - MENAP oil exporters: Average -35.8; 2013 -42.7; 2014 -42.5; 2015 -35.9; 2016 -30.3; 2017 -29.8
  - CCA oil and gas exporters: Average -13.1; 2013 -18.8; 2014 -18.3; 2015 -17.5; 2016 -16.1; 2017 -16.6
  - GCC (memorandum): 2013 -54.5; 2014 -56.3; 2015 -45.7; 2016 -36.8; 2017 -36.8
  - Non-GCC oil exporters (memorandum): 2013 -27.3; 2014 -28.7; 2015 -25.9; 2016 -23.7; 2017 -22.4
  - Selected country examples:
    - Saudi Arabia: -50.2 (2000–12 average); 2013 -59.0; 2014 -62.9; 2015 -48.6; 2016 -35.5; 2017 -36.5
    - Qatar: -55.5 (2000–12 average); 2013 -52.9; 2014 -44.0; 2015 -38.7; 2016 -32.6; 2017 -30.9
    - United Arab Emirates: -16.4 (2000–12 average); 2013 -28.4; 2014 -30.1; 2015 -25.6; 2016 -25.9; 2017 -25.0
- Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP):
  - MENAP oil exporters: Average 12.8; 2013 12.8; 2014 12.6; 2015 12.8; 2016 13.7; 2017 13.4
  - CCA oil and gas exporters: Average 23.0; 2013 17.2; 2014 18.6; 2015 16.0; 2016 17.3; 2017 16.7
  - GCC (memorandum): Average 14.3; 2013 14.3; 2014 14.0; 2015 14.1; 2016 15.4; 2017 14.4
  - Non-GCC oil exporters (memorandum): Average 11.1; 2013 11.0; 2014 11.0; 2015 11.2; 2016 11.7; 2017 12.2
  - Selected country examples:
    - Kuwait: Average 33.3; 2013 36.2; 2014 36.6; 2015 30.8; 2016 28.0; 2017 26.6
    - United Arab Emirates: 2013 20.3; 2014 19.4; 2015 19.9; 2016 19.2; 2017 17.4
    - Oman: Average 15.3; 2013 13.3; 2014 12.8; 2015 14.2; 2016 18.1; 2017 18.3
- Oil Exporters: General Government Non-Oil Revenue (Percent of non-oil GDP):
  - MENAP: Average 28.9; 2013 31.3; 2014 32.5; 2015 33.1; 2016 33.0; 2017 32.0
  - MENAP oil exporters: Average 30.1; 2013 32.3; 2014 34.2; 2015 36.1; 2016 36.0; 2017 34.6
  - GCC (memorandum): Average 30.9; 2013 34.7; 2014 37.9; 2015 40.8; 2016 40.0; 2017 38.3
  - Non-GCC oil exporters (memorandum): Average 29.0; 2013 29.7; 2014 29.9; 2015 30.4; 2016 31.4; 2017 30.4
  - Selected country examples:
    - Kuwait: 2000–12 average 37.6; 2013 37.8; 2014 41.9; 2015 53.7; 2016 59.6; 2017 55.5
    - Saudi Arabia: 2000–12 average 32.3; 2013 35.6; 2014 40.3; 2015 40.9; 2016 37.1; 2017 36.0
    - Oman: 2000–12 average 39.1; 2013 47.2; 2014 50.2; 2015 60.5; 2016 61.0; 2017 58.3
- General Government Total Expenditure and Net Lending (Percent of GDP):
  - MENAP: Average 45.9; 2013 32.7; 2014 33.5; 2015 38.1; 2016 44.3; 2017 47.3
  - MENAP oil exporters: Average 31.3; 2013 13.4; 2014 14.5; 2015 20.6; 2016 29.5; 2017 34.1
  - MENAP oil importers: Average 77.6; 2013 74.0; 2014 74.0; 2015 74.7; 2016 75.2; 2017 74.3
  - MENA (memorandum): Average 43.3; 2013 29.1; 2014 30.0; 2015 35.2; 2016 42.1; 2017 45.6
  - GCC (memorandum): Average 30.6; 2013 9.4; 2014 9.0; 2015 14.0; 2016 23.4; 2017 29.6
  - Selected country examples:
    - Lebanon: Average 158.2; 2013 133.4; 2014 133.3; 2015 139.1; 2016 142.6; 2017 147.6
    - Egypt: 2013 84.7; 2014 86.0; 2015 87.7; 2016 89.3; 2017 88.9
    - Saudi Arabia: Average 41.9; 2013 2.2; 2014 1.6; 2015 5.8; 2016 17.2; 2017 25.8
- Total Government Gross Debt (Percent of GDP):
  - MENAP: Average 2.4; 2013 -14.5; 2014 -14.2; 2015 -12.8; 2016 -8.8; 2017 -1.3
  - MENAP oil exporters: Average -27.2; 2013 -56.2; 2014 -56.5; 2015 -55.3; 2016 -50.5; 2017 -39.5
  - MENAP oil importers: 2013 ...; 2014 66.4; 2015 67.9; 2016 68.3; 2017 70.0
  - MENA (memorandum): Average -5.2; 2013 -24.8; 2014 -24.4; 2015 -22.8; 2016 -18.5; 2017 -9.9
  - GCC (memorandum): Average -52.7; 2013 -91.3; 2014 -93.3; 2015 -95.8; 2016 -93.5; 2017 -78.5
  - Selected country examples:
    - United Arab Emirates: Average -248.8; 2013 -216.1; 2014 -223.3; 2015 -258.8; 2016 -273.6; 2017 -251.2
    - Qatar: Average -12.5; 2013 -76.7; 2014 -93.6; 2015 -114.7; 2016 -122.5; 2017 -107.7
    - Saudi Arabia: Average 12.6; 2013 -56.7; 2014 -53.6; 2015 -41.6; 2016 -31.0; 2017 -18.6
- MENAP: Total Government Net Debt (Percent of GDP and Levels):
  - MENAP (levels): 2000–12 average 824.4; 2013 1,594.8; 2014 1,518.6; 2015 1,115.2; 2016 992.2; 2017 1,090.6
  - MENAP oil exporters (levels): 2000–12 average 692.8; 2013 1,410.4; 2014 1,341.6; 2015 951.2; 2016 835.5; 2017 925.9
  - MENAP oil importers (levels): 2000–12 average 131.6; 2013 184.3; 2014 177.0; 2015 164.0; 2016 156.7; 2017 164.7
  - Selected country examples (levels):
    - Saudi Arabia: 2000–12 average 207.2; 2013 387.7; 2014 355.0; 2015 222.9; 2016 173.4; 2017 203.7
    - United Arab Emirates: 2000–12 average 165.2; 2013 392.4; 2014 391.3; 2015 343.2; 2016 336.6; 2017 348.2
    - Egypt: 2000–12 average 33.2; 2013 49.0; 2014 43.6; 2015 43.9; 2016 38.1; 2017 40.0

### External sector and reserves (selected series; U.S. dollars and percent of GDP)
- Exports of Goods and Services (Billions of U.S. dollars):
  - MENAP: 803.4 (Average 2000–12); 1,559.2 (2013); 1,485.0 (2014); 1,083.0 (2015); 962.8 (2016); 1,061.0 (2017)
  - MENAP oil exporters: 76.5 (Average 2000–12); 161.8 (2013); 153.4 (2014); 100.2 (2015); 78.5 (2016); 85.7 (2017)
  - United Arab Emirates: 524.0 (Average 2000–12); 1,140.0 (2013); 1,086.8 (2014); 789.5 (2015); 687.6 (2016); 745.3 (2017)
  - CCA (aggregate): 83.5 (Average 2000–12); 177.5 (2013); 168.5 (2014); 113.9 (2015); 91.7 (2016); 99.9 (2017)
- Imports of Goods and Services (Billions of U.S. dollars):
  - MENAP: -638.7 (Average 2000–12); -1,216.4 (2013); -1,276.5 (2014); -1,177.3 (2015); -1,165.4 (2016); -1,217.5 (2017)
  - MENAP oil exporters: -465.5 (Average 2000–12); -940.8 (2013); -999.9 (2014); -918.5 (2015); -914.4 (2016); -954.5 (2017)
  - United Arab Emirates: -137.3 (Average 2000–12); -297.4 (2013); -311.2 (2014); -310.5 (2015); -321.0 (2016); -327.6 (2017)
  - CCA: -66.9 (Average 2000–12); -147.1 (2013); -141.1 (2014); -115.3 (2015); -99.8 (2016); -101.9 (2017)
- Current Account Balance (Billions of U.S. dollars):
  - MENAP: 192.3 (Average 2000–12); 339.4 (2013); 192.6 (2014); -111.7 (2015); -188.6 (2016); -148.0 (2017)
  - MENAP oil exporters: 207.5 (Average 2000–12); 382.5 (2013); 229.7 (2014); -68.5 (2015); -165.6 (2016); -124.8 (2017)
  - Saudi Arabia: 72.4 (Average 2000–12); 135.4 (2013); 73.8 (2014); -41.5 (2015); -63.2 (2016); -40.1 (2017)
  - CCA: 6.0 (Average 2000–12); 8.4 (2013); 9.1 (2014); -12.6 (2015); -13.5 (2016); -9.4 (2017)
- Current Account Balance (Percent of GDP):
  - MENAP: 9.5 (Average 2000–12); 10.0 (2013); 5.5 (2014); -3.6 (2015); -6.9 (2016); -5.2 (2017)
  - MENAP oil exporters: 13.9 (Average 2000–12); 15.0 (2013); 8.9 (2014); -3.1 (2015); -8.0 (2016); -5.6 (2017)
  - United Arab Emirates: 12.7 (Average 2000–12); 18.4 (2013); 13.7 (2014); 3.9 (2015); -1.0 (2016); 0.1 (2017)
  - CCA oil and gas exporters: 2.8 (Average 2000–12); 2.9 (2013); 3.4 (2014); -2.7 (2015); -4.0 (2016); -2.2 (2017)
- Gross Official Reserves (Billions of U.S. dollars):
  - MENAP: 651.1 (Average 2000–12); 1,497.6 (2013); 1,466.0 (2014); 1,304.6 (2015); 1,165.2 (2016); 1,072.7 (2017)
  - MENAP oil exporters: 570.0 (Average 2000–12); 1,392.7 (2013); 1,349.4 (2014); 1,178.6 (2015); 1,028.8 (2016); 927.8 (2017)
  - Saudi Arabia (SAMA gross foreign assets): 265.2 (Average 2000–12); 718.4 (2013); 726.8 (2014); 611.9 (2015); 520.0 (2016); 458.7 (2017)
  - United Arab Emirates (central bank only): 29.1 (Average 2000–12); 68.2 (2013); 78.5 (2014); 83.3 (2015); 83.5 (2016); 84.2 (2017)
  - CCA: 29.2 (Average 2000–12); 70.7 (2013); 74.6 (2014); 66.3 (2015); 66.1 (2016); 67.2 (2017)
- Total Gross External Debt (Percent of GDP):
  - MENAP: 31.5 (Average 2000–12); 27.1 (2013); 28.1 (2014); 33.1 (2015); 36.7 (2016); 37.1 (2017)
  - MENAP oil exporters: 24.8 (Average 2000–12); 23.7 (2013); 24.9 (2014); 31.8 (2015); 36.2 (2016); 36.7 (2017)
  - Bahrain: 102.5 (Average 2000–12); 148.8 (2013); 152.0 (2014); 176.8 (2015); 191.0 (2016); 199.9 (2017)
  - Lebanon: 165.5 (Average 2000–12); 167.1 (2013); 169.9 (2014); 173.5 (2015); 175.4 (2016); 179.4 (2017)
  - CCA: 51.6 (Average 2000–12); 45.4 (2013); 47.4 (2014); 47.4 (2015); 61.3 (2016); 84.2 (2017)
  - Kazakhstan: 78.0 (Average 2000–12); 64.7 (2013); 72.3 (2014); 95.7 (2015); 151.2 (2016); 135.8 (2017)
- Gross Official Reserves (Months of Imports) — selected country entries and dates:
  - Algeria: 23.4 (Dec-12); 21.5 (Dec-13); 16.0 (Dec-15)
  - Bahrain (conventional retail banks only): 19.3 (Dec-12); 18.5 (Dec-13); 18.3 (Mar-14); 18.3 (Jun-14); 18.6 (Sep-14); 18.3 (Dec-14); 17.6 (Mar-15); 18.9 (Jun-15); 18.7 (Sep-15)
  - Kuwait: 18.5 (Dec-12); 18.9 (Dec-13); 18.5 (Mar-14); 18.3 (Jun-14); 18.8 (Sep-14); 16.9 (Dec-14)
  - United Arab Emirates (national banks only): 20.6 (Dec-12); 19.3 (Dec-13); 18.5 (Mar-14); 18.2 (Jun-14); 18.3 (Sep-14); 18.1 (Dec-14); 18.0 (Mar-15); 18.3 (Jun-15); 18.2 (Sep-15); 18.3 (Dec-15)
  - Georgia: 25.3 (Dec-12); 25.2 (Dec-13); 26.2 (Mar-14); 26.2 (Jun-14); 26.0 (Sep-14); 26.2 (Dec-14); 25.5 (Mar-15); 24.1 (Jun-15); 25.6 (Sep-15); 25.3 (Dec-15)
  - Kyrgyz Republic: 28.3 (Dec-12); 25.0 (Dec-13); 23.9 (Mar-14); 22.1 (Jun-14); 22.5 (Sep-14); 21.8 (Dec-14); 20.7 (Mar-15); 21.0 (Jun-15); 21.2 (Sep-15); 21.3 (Dec-15)

### Banking sector indicators (selected series)
- Capital Adequacy Ratios (Percent of risk-weighted assets) — selected entries:
  - Algeria: 2.0 (Dec-12); 1.7 (Dec-13); 2.0 (Dec-15)
  - Bahrain (conventional retail banks only): 1.2 (Dec-12); 1.1 (Dec-13); 0.4 (Mar-14); 0.8 (Jun-14); 1.1 (Sep-14); 1.4 (Dec-14); 0.5 (Mar-15); 0.9 (Jun-15); 1.3 (Dec-15)
  - Kuwait: 1.2 (Dec-12); 1.0 (Dec-13); 1.0 (Mar-14); 1.0 (Jun-14); 1.0 (Sep-14); 1.1 (Dec-14); 1.1 (Mar-15); 1.1 (Jun-15); 1.1 (Sep-15)
  - United Arab Emirates (national banks only): 1.4 (Dec-12); 1.6 (Dec-13); 1.8 (Mar-14); 1.8 (Jun-14); 1.8 (Sep-14); 1.7 (Dec-14); 1.8 (Mar-15); 1.8 (Jun-15); 1.6 (Sep-15); 1.5 (Dec-15)
  - CCA examples: Armenia 1.1 (Dec-12); 1.4 (Dec-13); 1.1 (Mar-14); 1.3 (Jun-14); 1.1 (Sep-14); 0.7 (Dec-14); -0.5 (Mar-15); -0.4 (Jun-15); -0.5 (Sep-15); -0.6 (Dec-15)
  - Tajikistan: 0.2 (Dec-12); 0.7 (Dec-13); 1.1 (Mar-14); 1.4 (Jun-14); 1.7 (Sep-14); -4.4 (Dec-14); 3.0 (Mar-15); 2.0 (Jun-15); 2.4 (Sep-15); -0.6 (Dec-15)
- Return on Assets (Pre-tax, percent) — selected entries:
  - Algeria: 11.5 (Dec-12); 10.6 (Dec-13); 9.2 (Dec-15)
  - Bahrain (conventional retail banks only): 5.8 (Dec-12); 5.6 (Dec-13); 4.7 (Mar-14); 4.6 (Jun-14); 4.7 (Sep-14); 4.6 (Dec-14); 4.3 (Mar-15); 4.3 (Jun-15); 4.4 (Dec-15)
  - United Arab Emirates (national banks only): 7.1 (Dec-12); 6.7 (Dec-13); 6.5 (Mar-14); 7.0 (Jun-14); 6.7 (Sep-14); 5.6 (Dec-14); 5.3 (Mar-15); 5.0 (Jun-15); 5.1 (Sep-15); 5.2 (Dec-15)
  - Egypt (after tax): 9.8 (Dec-12); 9.3 (Dec-13); 9.3 (Mar-14); 9.1 (Jun-14); 8.9 (Sep-14); 8.5 (Dec-14); 8.3 (Mar-15); 7.6 (Jun-15); 7.2 (Dec-15)
  - Tunisia: 14.9 (Dec-12); 16.5 (Dec-13); 16.0 (Mar-14); 15.7 (Sep-14); 15.8 (Dec-14); 15.6 (Mar-15)
  - CCA examples: Kazakhstan 28.2 (Dec-12); 31.3 (Dec-13); 32.9 (Mar-14); 32.2 (Jun-14); 29.7 (Sep-14); 23.5 (Dec-14); 23.4 (Mar-15); 10.0 (Jun-15); 9.2 (Sep-15); 8.0 (Dec-15)
  - Tajikistan reported volatility: 0.0 (Dec-12); 16.0 (Dec-13); 16.2 (Mar-14); 14.6 (Jun-14); 22.0 (Sep-14); 25.1 (Dec-14); 20.7 (Mar-15); 22.4 (Jun-15); 22.7 (Sep-15); 29.9 (Dec-15)

### Nonperforming Loans (Table 27) — Memorandum: West Bank and Gaza
- (90-day basis, percent of total loans)
- Entries: 9; 3.12.9; 2.8; 2.6; 2.7; 2.5; 2.7; 1.5; 1.5; 1.3

### Notes on table specifics and reporting conventions
- 1 Conventional retail banks only; excludes Islamic Wholesale and Retail banks along with Conventional Wholesale banks.
- 2 December data refer to March data of the following year.
- 3 National banks only.
- 4 Data refer to all banks except the Housing Bank and CAC Bank.
- 5 Data refer to end of fiscal year.
- 6 Defined as loans overdue between at least 1 and 270 days.
- 7 Only the overdue portion of principal and interest is disclosed as NPL.
- 8 Overdue by 30 days or more.
- 9 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

*Sources: National authorities; and IMF staff estimates and projections.*

### Section 1

### mreo0416st - Section 1

### Statistical Appendix: scope and country coverage
- The IMF’s Middle East and Central Asia Department (MCD) countries and territories comprise Afghanistan, Algeria, Armenia, Azerbaijan, Bahrain, Djibouti, Egypt, Georgia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, the Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tajikistan, Tunisia, Turkmenistan, the United Arab Emirates, Uzbekistan, the West Bank and Gaza, and Yemen.
- The statistical appendix tables contain data for 31 MCD countries.
- Somalia is excluded from all regional aggregates due to a lack of reliable data.
- 2011 data for Sudan exclude South Sudan after July 9; data for 2012 onward pertain to the current Sudan.
- All data for Syria are excluded for 2011 onward due to the uncertain political situation.
- All data refer to calendar years except:
  - Afghanistan (March 21/March 20 until 2011, and December 21/December 20 thereafter)
  - Iran (March 21/March 20)
  - Qatar (April/March)
  - Egypt and Pakistan (July/June) except inflation.
- Data in Tables 7 and 8 relate to the calendar year for all aggregates and countries, except Iran, for which the Iranian calendar year (beginning on March 21) is used.
- Data for West Bank and Gaza are included in all tables except in 3–6, 8, 10, 13, and 14.
- In Tables 3, 6, 13, and 14, “oil” includes gas.

### Assumptions for projections (Regional Economic Outlook Update: Middle East and Central Asia)
- Established policies of national authorities are assumed to be maintained.
- Oil price assumptions:
  - US$34.8 a barrel in 2016
  - US$41.0 a barrel in 2017
- Six‑month LIBOR on U.S. dollar deposits assumed to average:
  - 0.9 percent in 2016
  - 1.5 percent in 2017
- The 2016 and 2017 data in the figures and tables are projections based on statistical information available through late March 2016.
- The 2016 and 2017 projections are working hypotheses rather than forecasts.

### Aggregation and weighting conventions
- Composites for domestic economy data (Tables 1, 3, 7–8, and 10–17), whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total MCD or group GDP.
- Country group composites for the growth rates of broad money (Table 9) are weighted by GDP converted to U.S. dollars at market exchange rates (both GDP and exchange rates are averaged over the preceding three years) as a share of MCD or group GDP.
- Composites for the external economy in nominal terms (Tables 18–20 and 22) are sums of individual country data.
- Composites for the external economy in percent of GDP (Tables 21 and 23) are weighted by GDP in U.S. dollars as a share of MCD or group GDP in U.S. dollars.
- Composites in Tables 2, 4, and 5 are sums of the individual country data.
- In tables, ellipsis points (. . .) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.”

### Key projections and statistics (selected table highlights; annual change unless stated)
- Table 1. Real GDP Growth (annual change; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 5.2; 2.3; 2.8; 2.5; 3.1; 3.5
  - MENAP oil exporters: 5.4; 1.9; 2.7; 1.9; 2.9; 3.1
  - MENAP oil importers: 4.6; 3.1; 2.9; 3.8; 3.5; 4.2
  - CCA: 8.7; 6.6; 5.3; 3.1; 1.2; 2.5
  - CCA oil and gas exporters: 9.0; 6.8; 5.4; 3.2; 1.1; 2.4
  - CCA oil and gas importers: 6.5; 5.6; 4.6; 3.0; 2.6; 3.5
  - Conflict countries: 9.2; 3.0; -4.8; -2.0; 5.4; 5.4
  - MENA: 5.3; 2.1; 2.6; 2.3; 2.9; 3.3
  - GCC: 5.1; 3.2; 3.5; 3.3; 1.8; 2.3

- Table 2. Nominal GDP (Billions of U.S. dollars) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 1,915.7; 3,393.3; 3,478.0; 3,143.7; 2,441.5; 2,626.6
  - MENAP oil exporters: 1,403.0; 2,548.1; 2,588.1; 2,198.2; 2,079.4; 2,248.9
  - MENAP oil importers: 512.8; 845.1; 889.9; 945.5; 362.1; 377.7
  - CCA: 183.0; 447.3; 447.3; 367.7; 285.3; 309.3
  - GCC: 832.8; 1,619.1; 1,647.0; 1,393.7; 1,302.2; 1,406.4
  - Arab World: 1,471.8; 2,761.6; 2,797.7; 2,466.9; 2,038.1; 2,199.9
  - Conflict countries: 179.6; 339.0; 311.2; 244.6; 225.0; 259.4

- Table 3. Oil Exporters: Oil and Non-Oil Real GDP Growth (annual change; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP oil exporters (Oil GDP): 7.1; 4.9; 3.7; 1.5; 1.9; 2.8
  - MENAP oil exporters (Non-Oil GDP): 23.98; 25.13; 24.48; 25.32; 26.52; 27.55
  - CCA oil and gas exporters (Oil GDP): 2.1; 2.8; 2.9; 2.7; 2.7; 2.76
  - GCC (Non-Oil GDP): 15.16; 17.19; 17.19; 17.84; 18.01; 18.25

- Table 4. Crude Oil and Natural Gas Production (Millions of barrels per day) — crude oil production, selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP oil exporters: 17.76; 19.00; 17.81; 18.69; 19.75; 20.51
  - Saudi Arabia: 6.70; 7.57; 7.15; 7.46; 7.35; 7.30
  - United Arab Emirates: 2.20; 2.64; 2.63; 2.55; 2.61; 2.67
  - Iran, I.R. of: 2.34; 1.19; 1.16; 1.24; 1.81; 2.13
  - CCA oil and gas exporters: 1.70; 2.31; 2.24; 2.21; 2.16; 2.18
  - GCC: 12.02; 13.89; 13.36; 13.56; 13.48; 13.46

- Table 5. Crude Oil and Natural Gas Exports (Millions of barrels per day) — crude oil exports, selected entries (2013; 2014; 2015; 2016; 2017 projections):
  - Algeria: 108.1; 135.3; 109.8; 87.6; 85.4
  - Iran, I.R. of: 48.9; 115.8; 100.0; 84.0; 61.5
  - Iraq: ...; 114.6; 113.2; 62.6; 59.7
  - Libya: 46.9; 110.8; 206.0; 196.9; 195.2
  - Saudi Arabia: ...; 89.0; 105.7; 94.8; 66.7

- Table 6. Breakeven Oil Prices (U.S. dollars per barrel) — fiscal breakeven (selected series; Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 6.8; 10.0; 7.0; 5.7; 5.2; 4.9
  - MENAP oil exporters: 7.5; 10.4; 5.8; 5.3; 5.0; 4.0
  - Iran, I.R. of: 16.3; 34.7; 15.6; 12.0; 8.9; 8.2
  - Yemen: 11.6; 11.0; 8.2; 30.0; 27.5; 24.0
  - MENA: 6.6; 10.3; 6.8; 5.9; 5.5; 4.9

- Table 7. Consumer Price Inflation (Year average; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 6.9; 13.0; 8.4; 6.3; ......; (2016–2017 data not fully shown)
  - MENAP oil exporters: 7.8; 15.8; 8.8; 6.5; 4.4; 1.2
  - Iran, I.R. of: 15.6; 39.6; 19.7; 12.8; 4.3; 0.4
  - Yemen: 10.4; 9.6; 7.5; 31.0; 28.5; 24.0
  - CCA: ...; 7.1; 3.2; 3.5; 3.4; 3.7
  - MENA: 7.2; 13.3; 8.3; 6.2; 4.2; 1.3
  - GCC: 0.6; 2.3; 2.0; 1.8; 4.3; 0.5

- Table 8. Core Consumer Price Inflation (Year average; percent) — selected series (Average 2000–12; 2013; 2014; 2015; 2016; 2017 projections):
  - MENAP: 16.6; 19.2; 11.6; 7.0; 7.2; 7.9
  - MENAP oil exporters: 18.2; 20.9; 11.4; 5.6; 5.8; 7.2
  - Iran, I.R. of: 28.3; 42.9; 18.8; 14.5; 15.7; 14.9
  - Saudi Arabia: 0.2; 2.4; 2.0; 1.8; 4.3; 0.5

### Notes on table usage
- "Projections" label denotes 2016 and 2017 entries where stated; 2015 data represent estimates.
- Definitions and groupings used in tables (examples):
  - CCA oil and gas exporters: Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan.
  - MENAP oil exporters: Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen.
  - MENAP oil importers: Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, Syria, and Tunisia.
  - GCC: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
  - Conflict countries: Iraq, Libya, Syria, and Yemen.
- Minor discrepancies between sums of constituent figures and totals are due to rounding.

*Sources: National authorities; and IMF staff estimates and projections.*

### Section 2

### mreo0416st - Section 2

### Broad Money Growth (Annual change; percent)
- MENAP: Average 1.9; 2013 0.0; 2014 -2.4; 2015 -7.8; 2016 -8.3; 2017 -6.7
- MENAP oil exporters: Average 5.3; 2013 3.3; 2014 -0.5; 2015 -8.9; 2016 -9.9; 2017 -8.0
- MENAP oil importers: Average -5.6; 2013 -6.9; 2014 -6.2; 2015 -5.5; 2016 -5.0; 2017 -4.1
- CCA: 2013 3.5; 2014 1.7; 2015 -4.7; 2016 -6.2; 2017 -3.9
- MENA (memorandum): Average 2.7; 2013 0.1; 2014 -2.6; 2015 -8.8; 2016 -9.6; 2017 -7.9
- Selected country examples:
  - Egypt: 2013 ...; 2014 -13.0; 2015 -13.1; 2016 -11.6; 2017 -11.9; (Note: table shows 2015 data represent estimates)
  - Saudi Arabia: Average 8.2; 2013 5.8; 2014 -3.4; 2015 -16.3; 2016 -13.5; 2017 -11.8
  - United Arab Emirates: Average 0.1; 2013 0.2; 2014 -0.1; 2015 -0.1; 2016 0.2; 2017 0.3

### Central Government Net Lending/Borrowing (Percent of GDP)
- MENAP: Average 2.9; 2013 -0.3; 2014 -2.9; 2015 -9.2; 2016 -10.0; 2017 -8.2
- MENAP oil exporters: Average 6.7; 2013 4.0; 2014 -0.6; 2015 -10.1; 2016 -11.6; 2017 -9.4
- MENAP oil importers: Average -5.4; 2013 -9.4; 2014 -7.7; 2015 -7.3; 2016 -6.6; 2017 -5.7
- MENA (memorandum): Average 3.8; 2013 0.7; 2014 -2.6; 2015 -9.7; 2016 -10.8; 2017 -8.9
- GCC (memorandum): Average 10.8; 2013 10.2; 2014 3.3; 2015 -9.9; 2016 -12.3; 2017 -10.8
- Selected country examples:
  - Libya: Average 12.7; 2013 -4.0; 2014 -40.3; 2015 -54.4; 2016 -58.0; 2017 -46.0
  - Qatar: Average 9.3; 2013 16.7; 2014 18.1; 2015 10.3; 2016 -2.7; 2017 -9.0
  - United Arab Emirates: Average 11.1; 2013 10.4; 2014 5.0; 2015 -4.9; 2016 -10.8; 2017 -8.5

### General Government Fiscal Balance (Percent of GDP)
- MENAP: Average 31.2; 2013 30.9; 2014 28.8; 2015 23.6; 2016 22.7; 2017 23.5
- MENAP oil exporters: Average 36.5; 2013 36.7; 2014 33.6; 2015 26.2; 2016 24.4; 2017 25.3
- MENAP oil importers: Average 20.3; 2013 18.6; 2014 18.5; 2015 18.3; 2016 19.0; 2017 19.7
- MENA (memorandum): Average 33.4; 2013 33.1; 2014 30.6; 2015 24.9; 2016 23.6; 2017 24.5
- GCC (memorandum): Average 41.6; 2013 45.0; 2014 41.3; 2015 31.2; 2016 27.8; 2017 27.6
- Selected country examples:
  - Saudi Arabia: Average 40.4; 2013 41.4; 2014 36.9; 2015 24.6; 2016 23.5; 2017 24.2
  - Kuwait: Average 66.1; 2013 71.8; 2014 68.5; 2015 54.8; 2016 46.2; 2017 47.7
  - Lebanon: Average 21.9; 2013 19.8; 2014 21.8; 2015 19.6; 2016 19.5; 2017 19.8

### General Government Total Revenue, Excluding Grants (Percent of GDP)
- MENAP oil exporters: Average -35.8; 2013 -42.7; 2014 -42.5; 2015 -35.9; 2016 -30.3; 2017 -29.8
- CCA oil and gas exporters: Average -13.1; 2013 -18.8; 2014 -18.3; 2015 -17.5; 2016 -16.1; 2017 -16.6
- GCC (memorandum): 2013 -54.5; 2014 -56.3; 2015 -45.7; 2016 -36.8; 2017 -36.8
- Non-GCC oil exporters (memorandum): 2013 -27.3; 2014 -28.7; 2015 -25.9; 2016 -23.7; 2017 -22.4
- Selected country examples (percent of non-oil GDP where specified in tables):
  - Saudi Arabia: -50.2 (2000–12 average); 2013 -59.0; 2014 -62.9; 2015 -48.6; 2016 -35.5; 2017 -36.5
  - Qatar: -55.5 (2000–12 average); 2013 -52.9; 2014 -44.0; 2015 -38.7; 2016 -32.6; 2017 -30.9
  - United Arab Emirates: -16.4 (2000–12 average); 2013 -28.4; 2014 -30.1; 2015 -25.6; 2016 -25.9; 2017 -25.0

### Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP)
- MENAP oil exporters: Average 12.8; 2013 12.8; 2014 12.6; 2015 12.8; 2016 13.7; 2017 13.4
- CCA oil and gas exporters: Average 23.0; 2013 17.2; 2014 18.6; 2015 16.0; 2016 17.3; 2017 16.7
- GCC (memorandum): Average 14.3; 2013 14.3; 2014 14.0; 2015 14.1; 2016 15.4; 2017 14.4
- Non-GCC oil exporters (memorandum): Average 11.1; 2013 11.0; 2014 11.0; 2015 11.2; 2016 11.7; 2017 12.2
- Selected country examples:
  - Kuwait: Average 33.3; 2013 36.2; 2014 36.6; 2015 30.8; 2016 28.0; 2017 26.6
  - United Arab Emirates: 2013 20.3; 2014 19.4; 2015 19.9; 2016 19.2; 2017 17.4
  - Oman: Average 15.3; 2013 13.3; 2014 12.8; 2015 14.2; 2016 18.1; 2017 18.3

### Oil Exporters: General Government Non-Oil Revenue (Percent of non-oil GDP)
- MENAP: Average 28.9; 2013 31.3; 2014 32.5; 2015 33.1; 2016 33.0; 2017 32.0
- MENAP oil exporters: Average 30.1; 2013 32.3; 2014 34.2; 2015 36.1; 2016 36.0; 2017 34.6
- GCC (memorandum): Average 30.9; 2013 34.7; 2014 37.9; 2015 40.8; 2016 40.0; 2017 38.3
- Non-GCC oil exporters (memorandum): Average 29.0; 2013 29.7; 2014 29.9; 2015 30.4; 2016 31.4; 2017 30.4
- Selected country examples:
  - Kuwait: 2000–12 average 37.6; 2013 37.8; 2014 41.9; 2015 53.7; 2016 59.6; 2017 55.5
  - Saudi Arabia: 2000–12 average 32.3; 2013 35.6; 2014 40.3; 2015 40.9; 2016 37.1; 2017 36.0
  - Oman: 2000–12 average 39.1; 2013 47.2; 2014 50.2; 2015 60.5; 2016 61.0; 2017 58.3

### General Government Total Expenditure and Net Lending (Percent of GDP)
- MENAP: Average 45.9; 2013 32.7; 2014 33.5; 2015 38.1; 2016 44.3; 2017 47.3
- MENAP oil exporters: Average 31.3; 2013 13.4; 2014 14.5; 2015 20.6; 2016 29.5; 2017 34.1
- MENAP oil importers: Average 77.6; 2013 74.0; 2014 74.0; 2015 74.7; 2016 75.2; 2017 74.3
- MENA (memorandum): Average 43.3; 2013 29.1; 2014 30.0; 2015 35.2; 2016 42.1; 2017 45.6
- GCC (memorandum): Average 30.6; 2013 9.4; 2014 9.0; 2015 14.0; 2016 23.4; 2017 29.6
- Selected country examples:
  - Lebanon: Average 158.2; 2013 133.4; 2014 133.3; 2015 139.1; 2016 142.6; 2017 147.6
  - Egypt: 2013 84.7; 2014 86.0; 2015 87.7; 2016 89.3; 2017 88.9
  - Saudi Arabia: Average 41.9; 2013 2.2; 2014 1.6; 2015 5.8; 2016 17.2; 2017 25.8

### Total Government Gross Debt (Percent of GDP)
- MENAP: Average 2.4; 2013 -14.5; 2014 -14.2; 2015 -12.8; 2016 -8.8; 2017 -1.3
- MENAP oil exporters: Average -27.2; 2013 -56.2; 2014 -56.5; 2015 -55.3; 2016 -50.5; 2017 -39.5
- MENAP oil importers: 2013 ...; 2014 66.4; 2015 67.9; 2016 68.3; 2017 70.0
- MENA (memorandum): Average -5.2; 2013 -24.8; 2014 -24.4; 2015 -22.8; 2016 -18.5; 2017 -9.9
- GCC (memorandum): Average -52.7; 2013 -91.3; 2014 -93.3; 2015 -95.8; 2016 -93.5; 2017 -78.5
- Selected country examples:
  - United Arab Emirates: Average -248.8; 2013 -216.1; 2014 -223.3; 2015 -258.8; 2016 -273.6; 2017 -251.2
  - Qatar: Average -12.5; 2013 -76.7; 2014 -93.6; 2015 -114.7; 2016 -122.5; 2017 -107.7
  - Saudi Arabia: Average 12.6; 2013 -56.7; 2014 -53.6; 2015 -41.6; 2016 -31.0; 2017 -18.6

### MENAP: Total Government Net Debt (Percent of GDP and Levels)
- MENAP (levels, local currency or units as in source): 2000–12 average 824.4; 2013 1,594.8; 2014 1,518.6; 2015 1,115.2; 2016 992.2; 2017 1,090.6
- MENAP oil exporters (levels): 2000–12 average 692.8; 2013 1,410.4; 2014 1,341.6; 2015 951.2; 2016 835.5; 2017 925.9
- MENAP oil importers (levels): 2000–12 average 131.6; 2013 184.3; 2014 177.0; 2015 164.0; 2016 156.7; 2017 164.7
- Selected country examples (levels):
  - Saudi Arabia: 2000–12 average 207.2; 2013 387.7; 2014 355.0; 2015 222.9; 2016 173.4; 2017 203.7
  - United Arab Emirates: 2000–12 average 165.2; 2013 392.4; 2014 391.3; 2015 343.2; 2016 336.6; 2017 348.2
  - Egypt: 2000–12 average 33.2; 2013 49.0; 2014 43.6; 2015 43.9; 2016 38.1; 2017 40.0

_Italic: Sources: National authorities; and IMF staff estimates and projections. Note: 2015 data represent estimates._

### Section 3

### mreo0416st - Section 3

### Exports of Goods and Services (Billions of U.S. dollars)
- MENAP: 803.4 (Average 2000–12); 1,559.2 (2013); 1,485.0 (2014); 1,083.0 (2015); 962.8 (2016); 1,061.0 (2017)
- MENAP oil exporters: 76.5 (Average 2000–12); 161.8 (2013); 153.4 (2014); 100.2 (2015); 78.5 (2016); 85.7 (2017)
- Algeria: 16.7 (Average 2000–12); 35.9 (2013); 32.6 (2014); 19.2 (2015); 15.0 (2016); 16.0 (2017)
- Kuwait: 43.4 (Average 2000–12); 90.9 (2013); 86.9 (2014); 53.3 (2015); 41.6 (2016); 46.1 (2017)
- United Arab Emirates: 524.0 (Average 2000–12); 1,140.0 (2013); 1,086.8 (2014); 789.5 (2015); 687.6 (2016); 745.3 (2017)
- MENAP oil importers: 7.0 (Average 2000–12); 15.7 (2013); 15.1 (2014); 13.8 (2015); 13.2 (2016); 14.1 (2017)
- Tunisia: 16.5 (Average 2000–12); 22.1 (2013); 21.7 (2014); 17.4 (2015); 17.0 (2016); 17.8 (2017)
- CCA (aggregate): 83.5 (Average 2000–12); 177.5 (2013); 168.5 (2014); 113.9 (2015); 91.7 (2016); 99.9 (2017)
- CCA oil and gas exporters: 76.5 (Average 2000–12); 161.8 (2013); 153.4 (2014); 100.2 (2015); 78.5 (2016); 85.7 (2017)
- Azerbaijan: 16.7 (Average 2000–12); 35.9 (2013); 32.6 (2014); 19.2 (2015); 15.0 (2016); 16.0 (2017)

### Imports of Goods and Services (Billions of U.S. dollars)
- MENAP: -638.7 (Average 2000–12); -1,216.4 (2013); -1,276.5 (2014); -1,177.3 (2015); -1,165.4 (2016); -1,217.5 (2017)
- MENAP oil exporters: -465.5 (Average 2000–12); -940.8 (2013); -999.9 (2014); -918.5 (2015); -914.4 (2016); -954.5 (2017)
- Saudi Arabia: -118.8 (Average 2000–12); -230.0 (2013); -259.0 (2014); -238.5 (2015); -218.1 (2016); -223.4 (2017)
- United Arab Emirates: -137.3 (Average 2000–12); -297.4 (2013); -311.2 (2014); -310.5 (2015); -321.0 (2016); -327.6 (2017)
- MENAP oil importers: -173.2 (Average 2000–12); -275.6 (2013); -276.6 (2014); -258.8 (2015); -251.0 (2016); -263.0 (2017)
- Egypt: -40.7 (Average 2000–12); -67.3 (2013); -69.0 (2014); -71.9 (2015); -70.6 (2016); -73.0 (2017)
- Tunisia: -17.9 (Average 2000–12); -26.4 (2013); -26.9 (2014); -22.1 (2015); -21.2 (2016); -22.0 (2017)
- CCA: -66.9 (Average 2000–12); -147.1 (2013); -141.1 (2014); -115.3 (2015); -99.8 (2016); -101.9 (2017)
- CCA oil and gas exporters: -54.6 (Average 2000–12); -120.0 (2013); -113.2 (2014); -92.1 (2015); -77.9 (2016); -79.3 (2017)

### Current Account Balance (Billions of U.S. dollars)
- MENAP: 192.3 (Average 2000–12); 339.4 (2013); 192.6 (2014); -111.7 (2015); -188.6 (2016); -148.0 (2017)
- MENAP oil exporters: 207.5 (Average 2000–12); 382.5 (2013); 229.7 (2014); -68.5 (2015); -165.6 (2016); -124.8 (2017)
- Saudi Arabia: 72.4 (Average 2000–12); 135.4 (2013); 73.8 (2014); -41.5 (2015); -63.2 (2016); -40.1 (2017)
- United Arab Emirates: 27.2 (Average 2000–12); 71.4 (2013); 54.6 (2014); 13.5 (2015); -3.2 (2016); 0.4 (2017)
- MENAP oil importers: -15.2 (Average 2000–12); -43.1 (2013); -37.1 (2014); -43.2 (2015); -23.1 (2016); -23.2 (2017)
- Egypt: -0.9 (Average 2000–12); -6.4 (2013); -2.4 (2014); -12.2 (2015); (2016 data not reported in source)
- Tunisia: -1.4 (Average 2000–12); -3.9 (2013); -4.3 (2014); -3.9 (2015); -3.4 (2016); -3.1 (2017)
- CCA: 6.0 (Average 2000–12); 8.4 (2013); 9.1 (2014); -12.6 (2015); -13.5 (2016); -9.4 (2017)

### Current Account Balance (Percent of GDP)
- MENAP: 9.5 (Average 2000–12); 10.0 (2013); 5.5 (2014); -3.6 (2015); -6.9 (2016); -5.2 (2017)
- MENAP oil exporters: 13.9 (Average 2000–12); 15.0 (2013); 8.9 (2014); -3.1 (2015); -8.0 (2016); -5.6 (2017)
- Saudi Arabia: 16.7 (Average 2000–12); 18.2 (2013); 9.8 (2014); -6.3 (2015); -10.2 (2016); -6.1 (2017)
- United Arab Emirates: 12.7 (Average 2000–12); 18.4 (2013); 13.7 (2014); 3.9 (2015); -1.0 (2016); 0.1 (2017)
- MENAP oil importers: -2.3 (Average 2000–12); -5.1 (2013); -4.2 (2014); -4.6 (2015); -4.5 (2016); -4.6 (2017)
- Tunisia: -3.8 (Average 2000–12); -8.4 (2013); -9.1 (2014); -8.9 (2015); -7.7 (2016); -7.0 (2017)
- CCA: 1.4 (Average 2000–12); 1.9 (2013); 2.0 (2014); -3.4 (2015); -4.7 (2016); -3.0 (2017)
- CCA oil and gas exporters: 2.8 (Average 2000–12); 2.9 (2013); 3.4 (2014); -2.7 (2015); -4.0 (2016); -2.2 (2017)

### Gross Official Reserves (Billions of U.S. dollars)
- MENAP: 651.1 (Average 2000–12); 1,497.6 (2013); 1,466.0 (2014); 1,304.6 (2015); 1,165.2 (2016); 1,072.7 (2017)
- MENAP oil exporters: 570.0 (Average 2000–12); 1,392.7 (2013); 1,349.4 (2014); 1,178.6 (2015); 1,028.8 (2016); 927.8 (2017)
- Algeria: 92.3 (Average 2000–12); 194.0 (2013); 177.4 (2014); 142.6 (2015); 113.3 (2016); 92.3 (2017)
- Saudi Arabia (SAMA gross foreign assets): 265.2 (Average 2000–12); 718.4 (2013); 726.8 (2014); 611.9 (2015); 520.0 (2016); 458.7 (2017)
- United Arab Emirates (central bank only): 29.1 (Average 2000–12); 68.2 (2013); 78.5 (2014); 83.3 (2015); 83.5 (2016); 84.2 (2017)
- MENAP oil importers: 81.2 (Average 2000–12); 104.9 (2013); 116.6 (2014); 126.0 (2015); 136.4 (2016); 144.9 (2017)
- Tunisia: 6.0 (Average 2000–12); 7.5 (2013); 7.5 (2014); 7.3 (2015); 8.8 (2016); 10.0 (2017)
- CCA: 29.2 (Average 2000–12); 70.7 (2013); 74.6 (2014); 66.3 (2015); 66.1 (2016); 67.2 (2017)

### Total Gross External Debt (Percent of GDP)
- MENAP: 31.5 (Average 2000–12); 27.1 (2013); 28.1 (2014); 33.1 (2015); 36.7 (2016); 37.1 (2017)
- MENAP oil exporters: 24.8 (Average 2000–12); 23.7 (2013); 24.9 (2014); 31.8 (2015); 36.2 (2016); 36.7 (2017)
- Bahrain: 102.5 (Average 2000–12); 148.8 (2013); 152.0 (2014); 176.8 (2015); 191.0 (2016); 199.9 (2017)
- Lebanon: 165.5 (Average 2000–12); 167.1 (2013); 169.9 (2014); 173.5 (2015); 175.4 (2016); 179.4 (2017)
- Tunisia: 54.8 (Average 2000–12); 53.7 (2013); 52.3 (2014); 58.5 (2015); 66.1 (2016); 71.7 (2017)
- CCA: 51.6 (Average 2000–12); 45.4 (2013); 47.4 (2014); 47.4 (2015); 61.3 (2016); 84.2 (2017)
- Kazakhstan: 78.0 (Average 2000–12); 64.7 (2013); 72.3 (2014); 95.7 (2015); 151.2 (2016); 135.8 (2017)

### Gross Official Reserves (Months of Imports)
- Algeria: 23.4 (Dec-12); 21.5 (Dec-13); (2014–2015 data not reported); 16.0 (Dec-15); 17.0 (Dec-15 where reported)
- Bahrain (conventional retail banks only): 19.3 (Dec-12); 18.5 (Dec-13); 18.3 (Mar-14); 18.3 (Jun-14); 18.6 (Sep-14); 18.3 (Dec-14); 17.6 (Mar-15); 18.9 (Jun-15); 18.7 (Sep-15)
- Kuwait: 18.5 (Dec-12); 18.9 (Dec-13); 18.5 (Mar-14); 18.3 (Jun-14); 18.8 (Sep-14); 16.9 (Dec-14)
- United Arab Emirates (national banks only): 20.6 (Dec-12); 19.3 (Dec-13); 18.5 (Mar-14); 18.2 (Jun-14); 18.3 (Sep-14); 18.1 (Dec-14); 18.0 (Mar-15); 18.3 (Jun-15); 18.2 (Sep-15); 18.3 (Dec-15)
- Georgia: 25.3 (Dec-12); 25.2 (Dec-13); 26.2 (Mar-14); 26.2 (Jun-14); 26.0 (Sep-14); 26.2 (Dec-14); 25.5 (Mar-15); 24.1 (Jun-15); 25.6 (Sep-15); 25.3 (Dec-15)
- Kyrgyz Republic: 28.3 (Dec-12); 25.0 (Dec-13); 23.9 (Mar-14); 22.1 (Jun-14); 22.5 (Sep-14); 21.8 (Dec-14); 20.7 (Mar-15); 21.0 (Jun-15); 21.2 (Sep-15); 21.3 (Dec-15)

### Capital Adequacy Ratios (Percent of risk-weighted assets)
- Algeria: 2.0 (Dec-12); 1.7 (Dec-13); (2014–2015 gaps in reporting); 2.0 (Dec-15); 2.2 (Dec-15 where reported)
- Bahrain (conventional retail banks only): 1.2 (Dec-12); 1.1 (Dec-13); 0.4 (Mar-14); 0.8 (Jun-14); 1.1 (Sep-14); 1.4 (Dec-14); 0.5 (Mar-15); 0.9 (Jun-15); 1.3 (Dec-15)
- Kuwait: 1.2 (Dec-12); 1.0 (Dec-13); 1.0 (Mar-14); 1.0 (Jun-14); 1.0 (Sep-14); 1.1 (Dec-14); 1.1 (Mar-15); 1.1 (Jun-15); 1.1 (Sep-15)
- United Arab Emirates (national banks only): 1.4 (Dec-12); 1.6 (Dec-13); 1.8 (Mar-14); 1.8 (Jun-14); 1.8 (Sep-14); 1.7 (Dec-14); 1.8 (Mar-15); 1.8 (Jun-15); 1.6 (Sep-15); 1.5 (Dec-15)
- CCA examples: Armenia 1.1 (Dec-12); 1.4 (Dec-13); 1.1 (Mar-14); 1.3 (Jun-14); 1.1 (Sep-14); 0.7 (Dec-14); -0.5 (Mar-15); -0.4 (Jun-15); -0.5 (Sep-15); -0.6 (Dec-15)
- Tajikistan: 0.2 (Dec-12); 0.7 (Dec-13); 1.1 (Mar-14); 1.4 (Jun-14); 1.7 (Sep-14); -4.4 (Dec-14); 3.0 (Mar-15); 2.0 (Jun-15); 2.4 (Sep-15); -0.6 (Dec-15)

### Return on Assets (Pre-tax, percent)
- Algeria: 11.5 (Dec-12); 10.6 (Dec-13); (gaps for 2014–2015); 9.2 (Dec-15); 9.5 (Dec-15 where reported)
- Bahrain (conventional retail banks only): 5.8 (Dec-12); 5.6 (Dec-13); 4.7 (Mar-14); 4.6 (Jun-14); 4.7 (Sep-14); 4.6 (Dec-14); 4.3 (Mar-15); 4.3 (Jun-15); 4.4 (Dec-15)
- United Arab Emirates (national banks only): 7.1 (Dec-12); 6.7 (Dec-13); 6.5 (Mar-14); 7.0 (Jun-14); 6.7 (Sep-14); 5.6 (Dec-14); 5.3 (Mar-15); 5.0 (Jun-15); 5.1 (Sep-15); 5.2 (Dec-15)
- Egypt (after tax): 9.8 (Dec-12); 9.3 (Dec-13); 9.3 (Mar-14); 9.1 (Jun-14); 8.9 (Sep-14); 8.5 (Dec-14); 8.3 (Mar-15); 7.6 (Jun-15); 7.2 (Dec-15)
- Tunisia: 14.9 (Dec-12); 16.5 (Dec-13); (gaps); 16.0 (Mar-14); 15.7 (Sep-14); 15.8 (Dec-14); 15.6 (Mar-15)
- CCA examples: Kazakhstan 28.2 (Dec-12); 31.3 (Dec-13); 32.9 (Mar-14); 32.2 (Jun-14); 29.7 (Sep-14); 23.5 (Dec-14); 23.4 (Mar-15); 10.0 (Jun-15); 9.2 (Sep-15); 8.0 (Dec-15)
- Tajikistan reported volatility: 0.0 (Dec-12); 16.0 (Dec-13); 16.2 (Mar-14); 14.6 (Jun-14); 22.0 (Sep-14); 25.1 (Dec-14); 20.7 (Mar-15); 22.4 (Jun-15); 22.7 (Sep-15); 29.9 (Dec-15)

*Sources: National authorities; and IMF staff estimates and projections.*

### Section 4

### Table 27. Nonperforming Loans

### Memorandum: West Bank and Gaza
- 9
- 3.12.9
- 2.8
- 2.6
- 2.7
- 2.5
- 2.7
- 1.5
- 1.5
- 1.3

### Table description
- (90-day basis, percent of total loans)

### Notes
- 1 Conventional retail banks only; excludes Islamic Wholesale and Retail banks along with Conventional Wholesale banks.
- 2 December data refer to March data of the following year.
- 3 National banks only.
- 4 Data refer to all banks except the Housing Bank and CAC Bank.
- 5 Data refer to end of fiscal year.
- 6 Defined as loans overdue between at least 1 and 270 days.
- 7 Only the overdue portion of principal and interest is disclosed as NPL.
- 8 Overdue by 30 days or more.
- 9 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

*Source: National authorities.*

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_Source: https://www.imf.org/-/media/files/publications/reo/mcd-cca/2016/october/mreo0416st.pdf_