## mreo0518-statisticalappendix

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---

### Projections and baseline assumptions
- Projections are based on statistical information available through early April 2018.
- Baseline assumptions:
  - Price of oil will average US$62.3 a barrel in 2018 and US$58.2 a barrel in 2019.
  - Six-month London interbank offered rate (LIBOR) on U.S.-dollar deposits will average 2.4 percent in 2018 and 3.4 percent in 2019.
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.
- Aggregation and weighting:
  - Arithmetically weighted averages are used for all data aggregates except consumer price index, for which geometric averages are used.
  - Fiscal aggregates (tables 10–17) are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated, expressed in percent of aggregate GDP in US dollars.
  - Composites use GDP at PPPs for domestic-economy series (Tables 1, 3, 7–8); GDP in U.S. dollars (market exchange rates) for certain monetary and external series as specified in the appendix.

### Coverage and conventions
- Countries and territories covered: 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 (31 MCD countries).
- 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.
- Calendar-year coverage except for specific fiscal-year countries (Afghanistan, Iran, Qatar, Egypt, Pakistan) as described.
- In tables, ellipsis points (. . .) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.”

### Real GDP growth — key aggregates and selected country projections (percent)
- MENAP (projections): 2018: 3.4 percent; 2019: 3.7 percent.
- MENAP oil exporters (projections): 2018: 2.8 percent; 2019: 3.3 percent.
- MENAP oil importers (projections): 2018: 4.7 percent; 2019: 4.6 percent.
- MENA (memorandum, projections): 2018: 3.2 percent; 2019: 3.6 percent.
- GCC (memorandum, projections): 2018: 1.9 percent; 2019: 2.6 percent.
- Conflict countries (Iraq, Libya, Syria, and Yemen) (projections): 2018: 4.2 percent; 2019: 5.3 percent.
- Selected country projections (annual change; percent):
  - Algeria: 2018: 3.0; 2019: 2.7
  - Egypt: 2018: 5.2; 2019: 5.5
  - Iran, I.R. of: 2018: 4.0; 2019: 4.0
  - Iraq: 2018: 3.1; 2019: 4.9
  - Saudi Arabia: 2018: 1.7; 2019: 1.9
  - United Arab Emirates: 2018: 2.0; 2019: 3.0
  - Pakistan: 2018: 5.6; 2019: 4.7

### Nominal GDP — levels and projections (Billions of U.S. dollars)
- MENAP (projections): 2018: 3,410.8; 2019: 3,542.2
- MENAP oil exporters (projections): 2018: 2,496.6; 2019: 2,566.1
- MENAP oil importers (projections): 2018: 914.2; 2019: 976.0
- MENA (memorandum, projections): 2018: 3,061.8; 2019: 3,177.2
- GCC (memorandum, projections): 2018: 1,599.4; 2019: 1,646.4
- Selected country nominal GDP projections:
  - Saudi Arabia: 2018: 748.0; 2019: 759.2
  - United Arab Emirates: 2018: 411.8; 2019: 427.8
  - Iran, I.R. of: 2018: 418.9; 2019: 413.1
  - Iraq: 2018: 223.3; 2019: 233.4
  - Egypt: 2018: [data not available in table for 2018/2019 indicated as ellipses]

### Oil and non-oil growth for oil exporters (percent)
- Non-oil GDP — MENAP oil exporters (projections): 2018: 3.2 percent; 2019: 3.4 percent.
- Oil GDP — MENAP oil exporters (projections): 2018: 3.0 percent; 2019: 3.6 percent.
- CCA oil and gas exporters — Non-oil GDP (projections): 2018: 3.8 percent; 2019: 3.6 percent.
- Country highlights (annual change; percent):
  - Saudi Arabia — Non-oil GDP: 2018: 2.3; 2019: 2.1
  - Saudi Arabia — Oil GDP: 2018: 0.9; 2019: 1.7
  - Iran, I.R. of — Non-oil GDP: 2018: 3.8; 2019: 4.1
  - Iraq — Oil GDP: 2018: 2.4; 2019: 4.9

### Crude oil and natural gas production and exports (levels)
- Crude oil production — MENAP oil exporters (projections, Millions of barrels per day): 2018: 27.9; 2019: 28.7
- Natural gas production — MENAP oil exporters (projections, Millions of barrels per day): 2018: 16.0; 2019: 16.6
- GCC crude oil production (memorandum, projections): 2018: 17.4; 2019: 17.8
- Selected country crude oil production (projections):
  - Saudi Arabia: 2018: 10.05; 2019: 10.15
  - Iraq: 2018: 4.57; 2019: 4.80
  - Iran, I.R. of: 2018: 3.80; 2019: 3.94
- Natural gas highlights (projections):
  - Qatar — Natural gas production: 2018: 4.24; 2019: 4.29
  - Iran, I.R. of — Natural gas production: 2018: 5.32; 2019: 5.57
- Crude oil exports — MENAP oil exporters (projections, Millions of barrels per day): 2018: 20.38; 2019: 21.11
- Natural gas exports — MENAP oil exporters (projections, Millions of barrels per day): 2018: 4.89; 2019: 5.03
- GCC crude oil exports (memorandum, projections): 2018: 12.55; 2019: 12.93
- Selected country exports (projections):
  - Iraq — Crude oil exports: 2018: 3.89; 2019: 4.08
  - Saudi Arabia — Crude oil exports: 2018: 7.06; 2019: 7.06
  - Qatar — Natural gas exports: 2018: 2.64; 2019: 2.61

### Breakeven oil prices (U.S. dollars per barrel)
- Fiscal breakeven oil prices (selected; 2018 and 2019):
  - Algeria: 2018: 105.7; 2019: 84.3
  - Saudi Arabia: 2018: 87.9; 2019: 77.9
  - United Arab Emirates: 2018: 71.5; 2019: 64.8
  - Iran, I.R. of: 2018: 68.1; 2019: 71.6
- External breakeven oil prices (selected; 2018 and 2019):
  - Algeria: 2018: 76.8; 2019: 76.6
  - Saudi Arabia: 2018: 51.8; 2019: 54.2
  - United Arab Emirates: 2018: 43.8; 2019: 41.7
  - Iran, I.R. of: 2018: 37.0; 2019: 36.0
- Notes:
  - Yemen is a net oil importer in 2015 and 2016.
  - Fiscal breakeven oil price: the oil price at which the fiscal balance is zero.
  - External breakeven oil price: the oil price at which the current account balance is zero.

### Consumer price inflation and core inflation (year average, percent)
- Consumer price inflation (Table 7):
  - MENAP (projections): 2018: 8.2 percent; 2019: 6.8 percent.
  - MENAP oil exporters (projections): 2018: 6.3 percent; 2019: 5.5 percent.
  - MENAP oil importers (projections): 2018: 12.2 percent; 2019: 9.5 percent.
  - CCA (projections): 2018: 9.1 percent; 2019: 7.2 percent.
  - Selected country inflation (projections):
    - Egypt: 2018: 20.1; 2019: 13.0
    - Iran, I.R. of: 2018: 12.1; 2019: 11.5
    - Saudi Arabia: 2018: 3.7; 2019: 2.0
    - Tunisia: 2018: 7.0; 2019: 6.1
- Core consumer price inflation (Table 8):
  - CCA (core, year averages reported where available): 2016: 4.6; 2017: 4.1; 2018: 4.2; 2019: 3.7
  - Selected country core inflation highlights:
    - Iran, I.R. of (where reported): 2016: 12.8; 2017: 9.5; 2018: 7.9; 2019: 12.4
    - Saudi Arabia (where reported): 2016: 0.8; 2017: 1.9; 2018: 0.2; 2019: 0.9
    - Yemen (where reported): 2016: 40.9; 2017: 7.0; 2018: 19.0; 2019: 21.5
    - Tunisia (where reported): 2015: 4.9; 2016: 4.7; 2017: 5.4; 2018: 5.1; 2019: 5.2

### Monetary and fiscal aggregates (Section 2 key statistics)
- Broad Money Growth (Annual change; percent)
  - MENAP: 16.5 (Average 2000–14); 8.0 (2015); 7.8 (2016); 11.9 (2017); 12.2 (2018); 10.1 (2019)
  - MENAP oil exporters: 17.7; 6.5; 5.5; 7.0; 9.9; 8.2
  - MENAP oil importers: 13.7; 12.4; 14.2; 24.3; 17.7; 14.7
  - CCA: 35.3; 23.5; 13.8; 10.8; 11.3; 8.8
  - Memorandum: MENA: 16.7; 7.6; 7.3; 11.8; 12.0; 10.1

- Central Government Net Lending/Borrowing (Percent of GDP)
  - MENAP: 2.6 (Average 2000–14); -7.8 (2015); -9.0 (2016); -5.2 (2017); -4.0 (2018); -3.2 (2019)
  - MENAP oil exporters: 5.4; -8.0; -9.6; -4.8; -3.3; -2.4
  - MENAP oil importers: -5.7; -7.2; -7.5; -6.3; -5.9; -5.4
  - CCA: 3.8; -5.8; -4.6; -4.8; -1.5; -1.4
  - Memorandum: MENA: 3.2; -8.0; -9.4; -5.2; -3.8; -3.0

- General Government Fiscal Balance (Percent of GDP)
  - MENAP: 3.5 (Average 2000–14); -8.6 (2015); -9.4 (2016); -5.6 (2017); -4.4 (2018); -3.5 (2019)
  - MENAP oil exporters: 6.7; -9.2; -10.6; -5.2; -3.8; -2.8
  - MENAP oil importers: -5.6; -7.2; -6.8; -6.5; -5.9; -5.2
  - CCA: 2.4; -4.3; -3.5; -4.3; -1.6; -1.3
  - Memorandum: MENA: 4.2; -8.9; -10.0; -5.6; -4.3; -3.3

- General Government Total Revenue, Excluding Grants (Percent of GDP)
  - MENAP: 32.1 (Average 2000–14); 25.6 (2015); 23.7 (2016); 24.8 (2017); 27.2 (2018); 27.4 (2019)
  - MENAP oil exporters: 36.5; 28.7; 25.8; 27.1; 30.1; 30.4
  - MENAP oil importers: 19.7; 18.5; 18.9; 18.8; 19.2; 19.4
  - CCA: 27.8; 23.0; 22.6; 23.3; 23.5; 23.9
  - Memorandum: MENA: 33.7; 26.8; 24.7; 25.9; 28.5; 28.8

- General Government Total Expenditure and Net Lending (Percent of GDP)
  - MENAP: 29.3 (Average 2000–14); 34.2 (2015); 32.9 (2016); 30.3 (2017); 31.5 (2018); 30.7 (2019)
  - MENAP oil exporters: 30.4; 37.3; 35.7; 31.8; 33.5; 32.6
  - MENAP oil importers: 26.1; 26.7; 26.5; 26.2; 26.1; 25.3
  - CCA: 25.9; 27.6; 26.5; 27.8; 25.5; 25.6
  - Memorandum: MENA: 30.1; 35.6; 34.2; 31.2; 32.7; 31.7

- Total Government Gross Debt (Percent of GDP)
  - MENAP: 38.2 (Average 2000–14); 41.0 (2015); 47.8 (2016); 47.7 (2017); 49.4 (2018); 50.3 (2019)
  - MENAP oil exporters: 25.1; 24.3; 32.3; 33.4; 36.9; 38.1
  - MENAP oil importers: 75.4; 80.1; 83.3; 85.8; 83.8; 82.5
  - CCA: 17.1; 23.8; 26.1; 30.4; 30.5; 31.6
  - Memorandum: MENA: 36.0; 39.1; 46.1; 46.0; 47.8; 48.7

- MENAP: Total Government Net Debt (Percent of GDP)
  - MENAP: 19.7 (Average 2000–14); 19.2 (2015); 32.5 (2016); 33.5 (2017); 38.9 (2018); 41.4 (2019)
  - MENAP oil exporters: -2.1; -13.8; 4.1; 9.4; 20.1; 23.4
  - MENAP oil importers: 64.6; 71.0; 76.3; 76.6; 72.5; 72.0
  - Memorandum: MENA: 15.6; 13.6; 28.3; 29.0; 35.1; 37.8
  - MENAP, excluding conflict countries: 21.7; 19.6; 32.4; 32.9; 38.1; 40.2

- Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP)
  - MENAP oil exporters: -37.2 (Average 2000–14); -36.8 (2015); -30.8 (2016); -27.8 (2017); -30.7 (2018); -28.2 (2019)
  - CCA oil and gas exporters: -9.4; -18.3; -14.5; -17.1; -14.6; -13.8
  - Memorandum: GCC: -43.9; -43.7; -35.9; -32.2; -33.4; -30.1
  - MENAP oil exporters, excluding conflict countries: -35.9; -36.3; -29.6; -26.5; -28.8; -26.4

- Oil Exporters: General Government Non-Oil Revenue (Percent of non-oil GDP)
  - MENAP oil exporters: 12.6 (Average 2000–14); 13.2 (2015); 15.4 (2016); 14.9 (2017); 15.5 (2018); 16.0 (2019)
  - CCA oil and gas exporters: ...; 12.6; 13.9; 15.0; 15.4; 15.5
  - Memorandum: GCC: 13.7; 14.2; 16.4; 16.1; 17.4; 18.3
  - MENAP oil exporters, excluding conflict countries: 13.0; 14.1; 16.3; 16.0; 16.5; 17.1

### External sector — imports, current account, reserves, and external debt (selected table highlights)
- Imports of Goods and Services (Table 19, Billions of U.S. dollars; Average / Projections)
  - MENAP: -719.8, -1,210.4, -1,154.2, -1,193.6, -1,289.7, -1,341.3
  - MENAP oil exporters: -536.6, -943.8, -893.3, -916.0, -999.4, -1,034.9
  - Selected country imports (projections):
    - Saudi Arabia: -135.6, -247.3, -198.1, -193.2, -203.9, -211.8
    - United Arab Emirates: -159.4, -305.8, -310.4, -315.9, -351.6, -368.7
    - Egypt: -44.4, -72.4, -66.9, -67.7, -68.2, -73.7
  - MENAP oil importers: -183.3, -266.6, -260.8, -277.5, -290.3, -306.4
  - Memorandum — MENA: -683.9, -1,151.7, -1,096.6, -1,126.6, -1,216.9, -1,264.3

- Current Account Balance (Table 20, Billions of U.S. dollars; Average / Projections)
  - MENAP: 197.2, -123.3, -130.3, -28.0, 17.8, -9.1
  - MENAP oil exporters: 213.7, -82.4, -76.7, 28.8, 74.1, 46.9
  - Selected country current account (projections):
    - Saudi Arabia: 76.7, -56.7, -23.9, 18.2, 40.4, 27.0
    - United Arab Emirates: 27.9, 17.6, 4.9, 17.6, 21.8, 21.6
    - Iran, I.R. of: 17.8, 1.2, 16.3, 18.4, 29.2, 26.0
    - Egypt: -1.4, -12.1, -19.8, .........
  - MENAP oil importers: -16.6, -40.9, -53.6, -56.8, -56.3, -55.9
  - Memorandum — MENA: 197.6, -122.0, -126.8, -15.9, 33.4, 5.9

- Current Account Balance (Table 21, Percent of GDP; Average / Projections)
  - MENAP: 8.8, -4.0, -4.2, -0.9, 0.5, -0.3
  - MENAP oil exporters: 12.6, -3.8, -3.6, 1.2, 3.0, 1.8
  - Selected country current account (percent of GDP, projections):
    - Saudi Arabia: 16.3, -8.7, -3.7, 2.7, 5.4, 3.6
    - United Arab Emirates: 10.6, 4.9, 1.4, 4.7, 5.3, 5.1
    - Iran, I.R. of: 4.8, 0.3, 4.0, 4.3, 7.0, 6.3
    - Egypt1: 0.0, -3.7, -6.0, -6.5, -4.4, -3.9

- Gross Official Reserves (Table 22, Billions of U.S. dollars; Average / Projections)
  - MENAP: 762.9, 1,302.5, 1,163.9, 1,098.2, 1,110.6, 1,106.8
  - MENAP oil exporters: 679.0, 1,177.0, 1,032.5, 952.8, 962.6, 961.9
  - Selected country reserves (projections):
    - Saudi Arabia1: 326.2, 611.9, 533.6, 493.8, 495.0, 492.1
    - United Arab Emirates2: 35.6, 94.0, 85.4, 95.4, 104.5, 112.9
    - Iran, I.R. of: 63.8, 115.7, 104.2, 95.1, 108.4, 127.0
    - Egypt: 21.3, 19.5, 17.1, 30.7, 35.5, 34.0
  - MENAP oil importers: 84.0, 125.5, 131.5, 145.4, 148.0, 144.9
  - Memorandum — MENA: 753.2, 1,282.2, 1,138.4, 1,073.9, 1,090.2, 1,088.1

- Gross Official Reserves (Table 24, Months of Imports; Average / Projections)
  - MENAP: 9.9, 12.9, 11.1, 9.7, 9.6, 9.4
  - MENAP oil exporters: 11.2, 14.9, 12.7, 10.8, 10.7, 10.6
  - Selected country reserves in months (projections):
    - Algeria: 26.9, 28.4, 22.6, 19.0, 16.2, 13.4
    - Saudi Arabia2: 22.1, 37.1, 33.1, 29.1, 28.0, 26.8
    - United Arab Emirates3: 2.6, 3.6, 3.2, 3.3, 3.4, 3.5
    - Egypt: 6.0, 3.5, 3.0, 5.4, 5.8, 5.3
  - MENAP oil importers: 5.6, 5.9, 5.8, 6.1, 5.9, 5.5
  - Memorandum — MENA: 10.2, 13.3, 11.5, 10.1, 10.0, 9.9

- Total Gross External Debt (Table 23, Percent of GDP; Average / Projections)
  - MENAP: 30.8, 32.4, 37.3, 38.6, 39.3, 40.1
  - MENAP oil exporters: 25.4, 30.4, 36.0, 34.7, 35.3, 36.5
  - MENAP oil importers: 44.5, 37.0, 40.3, 48.8, 50.1, 49.5
  - Selected country external debt (projections):
    - Bahrain: 109.3, 174.4, 182.8, 181.1, 179.4, 182.0
    - Lebanon: 164.1, 169.9, 189.5, 198.4, 202.3, 204.8
    - Tunisia3: 54.9, 62.7, 66.3, 78.1, 79.7, 81.5
  - Memorandum — MENA: 30.4, 33.4, 38.6, 40.0, 40.7, 41.4

### Exports of Goods and Services (Billions of U.S. dollars)
- MENAP: 923.7 (Average 2000–14); 1,145.6 (2015); 1,072.1 (2016); 1,202.2 (2017); 1,358.2 (2018); 1,379.2 (2019)
- MENAP oil exporters: 787.8; 975.8; 916.7; 1,037.1; 1,179.6; 1,185.4
- MENAP oil importers: 135.9; 169.8; 155.4; 165.0; 178.6; 193.8

### Financial sector indicators (selected tables)
- Capital Adequacy Ratios (Percent of risk-weighted assets) — selected Dec/Mar/Jun/Sep values (Table 25)
  - Examples of reported series (Dec-14 / Dec-15 / Dec-16 / Mar-17 / Jun-17 / Sep-17 / Dec-17):
    - Afghanistan, Rep. of: 0.9, 0.2, 1.6, 0.3, 0.2, 0.5, 0.7
    - Egypt3: 1.3, 1.3, 1.5, 2.0, 2.0, 2.0, 2.0
    - Georgia4: 2.6, 2.3, 2.8, 3.5, 3.0, 2.8, 2.8
    - Tajikistan: -4.4, -0.6, -2.8, 1.4, -0.4, 0.3, 0.4
  - Notes: country-level coverage and definitions vary; source: National authorities.

- Return on Assets (Pre-tax, percent) — selected Dec/Mar/Jun/Sep values (Table 26)
  - Examples of reported series (Dec-14 / Dec-15 / Dec-16 / Mar-17 / Jun-17 / Sep-17 / Dec-17):
    - Afghanistan, Rep. of: 7.8, 12.1, 12.7, 13.6, 17.9, 17.7, 12.2
    - Egypt5: 8.5, 6.8, 5.8, 5.7, 5.5, 5.3, 4.9
    - United Arab Emirates3: 6.7, 6.0, 6.1, 6.1, 6.5, 6.7...
    - Tajikistan8: 25.1, 29.9, 54.0, 50.8, 50.3, 48.8, 36.5
  - Notes: definitions and periodicity vary by country; source: National authorities.

- Nonperforming Loans (90-day basis, percent of total loans) — Table 27
  - Table header provided; country-level NPL series appear in Table 26 notes and in country rows of Table 26 that reference NPL definitions.
  - Sources: National authorities; and IMF staff estimates and projections.

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

### Section 1

### Statistical Appendix — Section 1

### Projections and baseline assumptions
- Projections are based on statistical information available through early April 2018.
- Baseline assumptions:
  - Price of oil will average US$62.3 a barrel in 2018 and US$58.2 a barrel in 2019.
  - Six-month London interbank offered rate (LIBOR) on U.S.-dollar deposits will average 2.4 percent in 2018 and 3.4 percent in 2019.
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.
- Aggregation and weighting:
  - Arithmetically weighted averages are used for all data aggregates except consumer price index, for which geometric averages are used.
  - Fiscal aggregates (tables 10–17) are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated, expressed in percent of aggregate GDP in US dollars.
  - Composites use GDP at PPPs for domestic-economy series (Tables 1, 3, 7–8); GDP in U.S. dollars (market exchange rates) for certain monetary and external series as specified in the appendix.

### Coverage and conventions
- The IMF’s Middle East and Central Asia Department (MCD) countries and territories covered: 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 (31 MCD countries).
- 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.
- Calendar-year coverage except for specific fiscal-year countries (Afghanistan, Iran, Qatar, Egypt, Pakistan) as described.
- In tables, ellipsis points (. . .) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.”

### Real GDP growth (Table 1) — key aggregates and projections
- MENAP (projections): 2018: 3.4 percent; 2019: 3.7 percent.
- MENAP oil exporters (projections): 2018: 2.8 percent; 2019: 3.3 percent.
- MENAP oil importers (projections): 2018: 4.7 percent; 2019: 4.6 percent.
- MENA (memorandum, projections): 2018: 3.2 percent; 2019: 3.6 percent.
- GCC (memorandum, projections): 2018: 1.9 percent; 2019: 2.6 percent.
- Conflict countries (Iraq, Libya, Syria, and Yemen) (projections): 2018: 4.2 percent; 2019: 5.3 percent.
- Selected country projections (annual change; percent):
  - Algeria: 2018: 3.0; 2019: 2.7
  - Egypt: 2018: 5.2; 2019: 5.5
  - Iran, I.R. of: 2018: 4.0; 2019: 4.0
  - Iraq: 2018: 3.1; 2019: 4.9
  - Saudi Arabia: 2018: 1.7; 2019: 1.9
  - United Arab Emirates: 2018: 2.0; 2019: 3.0
  - Pakistan: 2018: 5.6; 2019: 4.7

### Nominal GDP (Table 2) — levels and projections (Billions of U.S. dollars)
- MENAP (projections): 2018: 3,410.8; 2019: 3,542.2
- MENAP oil exporters (projections): 2018: 2,496.6; 2019: 2,566.1
- MENAP oil importers (projections): 2018: 914.2; 2019: 976.0
- MENA (memorandum, projections): 2018: 3,061.8; 2019: 3,177.2
- GCC (memorandum, projections): 2018: 1,599.4; 2019: 1,646.4
- Selected country nominal GDP projections:
  - Saudi Arabia: 2018: 748.0; 2019: 759.2
  - United Arab Emirates: 2018: 411.8; 2019: 427.8
  - Iran, I.R. of: 2018: 418.9; 2019: 413.1
  - Iraq: 2018: 223.3; 2019: 233.4
  - Egypt: 2018: [data not available in table for 2018/2019 indicated as ellipses]

### Oil and non-oil growth for oil exporters (Table 3)
- Non-oil GDP — MENAP oil exporters (projections): 2018: 3.2 percent; 2019: 3.4 percent.
- Oil GDP — MENAP oil exporters (projections): 2018: 3.0 percent; 2019: 3.6 percent.
- CCA oil and gas exporters — Non-oil GDP (projections): 2018: 3.8 percent; 2019: 3.6 percent.
- Country highlights (annual change; percent):
  - Saudi Arabia — Non-oil GDP: 2018: 2.3; 2019: 2.1
  - Saudi Arabia — Oil GDP: 2018: 0.9; 2019: 1.7
  - Iran, I.R. of — Non-oil GDP: 2018: 3.8; 2019: 4.1
  - Iraq — Oil GDP: 2018: 2.4; 2019: 4.9

### Crude oil and natural gas production (Table 4) — levels (Millions of barrels per day)
- Crude oil production — MENAP oil exporters (projections): 2018: 27.9; 2019: 28.7
- Natural gas production — MENAP oil exporters (projections): 2018: 16.0; 2019: 16.6
- GCC crude oil production (memorandum, projections): 2018: 17.4; 2019: 17.8
- Selected country production (crude oil; projections):
  - Saudi Arabia: 2018: 10.05; 2019: 10.15
  - Iraq: 2018: 4.57; 2019: 4.80
  - Iran, I.R. of: 2018: 3.80; 2019: 3.94
- Natural gas highlights (projections):
  - Qatar — Natural gas production: 2018: 4.24; 2019: 4.29
  - Iran, I.R. of — Natural gas production: 2018: 5.32; 2019: 5.57

### Crude oil and natural gas exports (Table 5) — levels (Millions of barrels per day)
- Crude oil exports — MENAP oil exporters (projections): 2018: 20.38; 2019: 21.11
- Natural gas exports — MENAP oil exporters (projections): 2018: 4.89; 2019: 5.03
- GCC crude oil exports (memorandum, projections): 2018: 12.55; 2019: 12.93
- Selected country exports (projections):
  - Iraq — Crude oil exports: 2018: 3.89; 2019: 4.08
  - Saudi Arabia — Crude oil exports: 2018: 7.06; 2019: 7.06
  - Qatar — Natural gas exports: 2018: 2.64; 2019: 2.61

### Breakeven oil prices (Table 6) — fiscal and external (U.S. dollars per barrel)
- Fiscal breakeven oil prices (selected; 2018 and 2019):
  - Algeria: 2018: 105.7; 2019: 84.3
  - Saudi Arabia: 2018: 87.9; 2019: 77.9
  - United Arab Emirates: 2018: 71.5; 2019: 64.8
  - Iran, I.R. of: 2018: 68.1; 2019: 71.6
- External breakeven oil prices (selected; 2018 and 2019):
  - Algeria: 2018: 76.8; 2019: 76.6
  - Saudi Arabia: 2018: 51.8; 2019: 54.2
  - United Arab Emirates: 2018: 43.8; 2019: 41.7
  - Iran, I.R. of: 2018: 37.0; 2019: 36.0
- Notes:
  - Yemen is a net oil importer in 2015 and 2016.
  - Fiscal breakeven oil price: the oil price at which the fiscal balance is zero.
  - External breakeven oil price: the oil price at which the current account balance is zero.

### Consumer price inflation (Table 7) — year average (percent)
- MENAP (projections): 2018: 8.2 percent; 2019: 6.8 percent.
- MENAP oil exporters (projections): 2018: 6.3 percent; 2019: 5.5 percent.
- MENAP oil importers (projections): 2018: 12.2 percent; 2019: 9.5 percent.
- CCA (projections): 2018: 9.1 percent; 2019: 7.2 percent.
- Selected country inflation (projections):
  - Egypt: 2018: 20.1; 2019: 13.0
  - Iran, I.R. of: 2018: 12.1; 2019: 11.5
  - Saudi Arabia: 2018: 3.7; 2019: 2.0
  - Tunisia: 2018: 7.0; 2019: 6.1

### Core consumer price inflation (Table 8) — year average (percent)
- Core inflation uses country-specific definitions of core in its calculation.
- CCA (core, year averages reported where available): 2016: 4.6; 2017: 4.1; 2018: 4.2; 2019: 3.7 (as reported in the table for the CCA composite where available).
- Selected country core inflation highlights reported in the table:
  - Iran, I.R. of (where reported): 2016: 12.8; 2017: 9.5; 2018: 7.9; 2019: 12.4
  - Saudi Arabia (where reported): 2016: 0.8; 2017: 1.9; 2018: 0.2; 2019: 0.9
  - Yemen (where reported): 2016: 40.9; 2017: 7.0; 2018: 19.0; 2019: 21.5
  - Tunisia (where reported): 2015: 4.9; 2016: 4.7; 2017: 5.4; 2018: 5.1; 2019: 5.2

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

### Section 2

### mreo0518-statisticalappendix - Section 2

### Broad Money Growth (Annual change; percent)
- MENAP: 16.5 (Average 2000–14); 8.0 (2015); 7.8 (2016); 11.9 (2017); 12.2 (2018); 10.1 (2019)
- MENAP oil exporters: 17.7; 6.5; 5.5; 7.0; 9.9; 8.2
- MENAP oil importers: 13.7; 12.4; 14.2; 24.3; 17.7; 14.7
- CCA: 35.3; 23.5; 13.8; 10.8; 11.3; 8.8
- Memorandum: MENA: 16.7; 7.6; 7.3; 11.8; 12.0; 10.1

### Central Government Net Lending/Borrowing (Percent of GDP)
- MENAP: 2.6 (Average 2000–14); -7.8 (2015); -9.0 (2016); -5.2 (2017); -4.0 (2018); -3.2 (2019)
- MENAP oil exporters: 5.4; -8.0; -9.6; -4.8; -3.3; -2.4
- MENAP oil importers: -5.7; -7.2; -7.5; -6.3; -5.9; -5.4
- CCA: 3.8; -5.8; -4.6; -4.8; -1.5; -1.4
- Memorandum: MENA: 3.2; -8.0; -9.4; -5.2; -3.8; -3.0

### General Government Fiscal Balance (Percent of GDP)
- MENAP: 3.5 (Average 2000–14); -8.6 (2015); -9.4 (2016); -5.6 (2017); -4.4 (2018); -3.5 (2019)
- MENAP oil exporters: 6.7; -9.2; -10.6; -5.2; -3.8; -2.8
- MENAP oil importers: -5.6; -7.2; -6.8; -6.5; -5.9; -5.2
- CCA: 2.4; -4.3; -3.5; -4.3; -1.6; -1.3
- Memorandum: MENA: 4.2; -8.9; -10.0; -5.6; -4.3; -3.3

### General Government Total Revenue, Excluding Grants (Percent of GDP)
- MENAP: 32.1 (Average 2000–14); 25.6 (2015); 23.7 (2016); 24.8 (2017); 27.2 (2018); 27.4 (2019)
- MENAP oil exporters: 36.5; 28.7; 25.8; 27.1; 30.1; 30.4
- MENAP oil importers: 19.7; 18.5; 18.9; 18.8; 19.2; 19.4
- CCA: 27.8; 23.0; 22.6; 23.3; 23.5; 23.9
- Memorandum: MENA: 33.7; 26.8; 24.7; 25.9; 28.5; 28.8

### Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP)
- MENAP oil exporters: -37.2 (Average 2000–14); -36.8 (2015); -30.8 (2016); -27.8 (2017); -30.7 (2018); -28.2 (2019)
- CCA oil and gas exporters: -9.4; -18.3; -14.5; -17.1; -14.6; -13.8
- Memorandum: GCC: -43.9; -43.7; -35.9; -32.2; -33.4; -30.1
- MENAP oil exporters, excluding conflict countries: -35.9; -36.3; -29.6; -26.5; -28.8; -26.4

### Oil Exporters: General Government Non-Oil Revenue (Percent of non-oil GDP)
- MENAP oil exporters: 12.6 (Average 2000–14); 13.2 (2015); 15.4 (2016); 14.9 (2017); 15.5 (2018); 16.0 (2019)
- CCA oil and gas exporters: ...; 12.6; 13.9; 15.0; 15.4; 15.5
- Memorandum: GCC: 13.7; 14.2; 16.4; 16.1; 17.4; 18.3
- MENAP oil exporters, excluding conflict countries: 13.0; 14.1; 16.3; 16.0; 16.5; 17.1

### General Government Total Expenditure and Net Lending (Percent of GDP)
- MENAP: 29.3 (Average 2000–14); 34.2 (2015); 32.9 (2016); 30.3 (2017); 31.5 (2018); 30.7 (2019)
- MENAP oil exporters: 30.4; 37.3; 35.7; 31.8; 33.5; 32.6
- MENAP oil importers: 26.1; 26.7; 26.5; 26.2; 26.1; 25.3
- CCA: 25.9; 27.6; 26.5; 27.8; 25.5; 25.6
- Memorandum: MENA: 30.1; 35.6; 34.2; 31.2; 32.7; 31.7

### Total Government Gross Debt (Percent of GDP)
- MENAP: 38.2 (Average 2000–14); 41.0 (2015); 47.8 (2016); 47.7 (2017); 49.4 (2018); 50.3 (2019)
- MENAP oil exporters: 25.1; 24.3; 32.3; 33.4; 36.9; 38.1
- MENAP oil importers: 75.4; 80.1; 83.3; 85.8; 83.8; 82.5
- CCA: 17.1; 23.8; 26.1; 30.4; 30.5; 31.6
- Memorandum: MENA: 36.0; 39.1; 46.1; 46.0; 47.8; 48.7

### MENAP: Total Government Net Debt (Percent of GDP)
- MENAP: 19.7 (Average 2000–14); 19.2 (2015); 32.5 (2016); 33.5 (2017); 38.9 (2018); 41.4 (2019)
- MENAP oil exporters: -2.1; -13.8; 4.1; 9.4; 20.1; 23.4
- MENAP oil importers: 64.6; 71.0; 76.3; 76.6; 72.5; 72.0
- Memorandum: MENA: 15.6; 13.6; 28.3; 29.0; 35.1; 37.8
- MENAP, excluding conflict countries: 21.7; 19.6; 32.4; 32.9; 38.1; 40.2

### Exports of Goods and Services (Billions of U.S. dollars)
- MENAP: 923.7 (Average 2000–14); 1,145.6 (2015); 1,072.1 (2016); 1,202.2 (2017); 1,358.2 (2018); 1,379.2 (2019)
- MENAP oil exporters: 787.8; 975.8; 916.7; 1,037.1; 1,179.6; 1,185.4
- MENAP oil importers: 135.9; 169.8; 155.4; 165.0; 178.6; 193.8
- CCA: (not shown in excerpt for exports aggregate)
- Memorandum: (individual country export figures provided in the table; see source table for country-level details)

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

### Section 3

### mreo0518-statisticalappendix - Section 3

### Table 19. Imports of Goods and Services (Billions of U.S. dollars) — Average / Projections
- MENAP: -719.8, -1,210.4, -1,154.2, -1,193.6, -1,289.7, -1,341.3
- MENAP oil exporters: -536.6, -943.8, -893.3, -916.0, -999.4, -1,034.9
- Algeria: -37.7, -63.7, -60.2, -60.0, -60.5, -61.3
- Bahrain: -15.4, -22.3, -21.1, -24.6, -25.9, -26.7
- Iran, I.R. of: -64.1, -74.0, -79.5, -91.6, -103.3, -103.7
- Iraq: ..., -73.6, -69.9, -71.9, -85.6, -88.1
- Kuwait: -29.9, -52.5, -53.1, -55.5, -58.1, -60.3
- Libya: ..................
- Oman: -20.1, -36.8, -31.2, -31.5, -33.3, -34.8
- Qatar: -27.0, -59.3, -63.5, -66.3, -69.8, -70.6
- Saudi Arabia: -135.6, -247.3, -198.1, -193.2, -203.9, -211.8
- United Arab Emirates: -159.4, -305.8, -310.4, -315.9, -351.6, -368.7
- Yemen: -8.2, -8.6, -6.3, -5.7, -7.5, -8.9
- MENAP oil importers: -183.3, -266.6, -260.8, -277.5, -290.3, -306.4
- Afghanistan, Rep. of: -4.9, -8.6, -7.5, -8.7, -9.1, -9.8
- Djibouti: -0.5, -1.3, -1.4, -1.3, -1.3, -1.4
- Egypt: -44.4, -72.4, -66.9, -67.7, -68.2, -73.7
- Jordan1: -14.9, -22.7, -21.7, -22.2, -22.9, -23.7
- Lebanon: -22.1, -31.1, -31.2, -32.9, -35.2, -36.3
- Mauritania: -2.1, -2.6, -2.5, -2.6, -2.9, -2.9
- Morocco: -29.8, -41.2, -45.2, -49.0, -52.9, -55.7
- Pakistan: -31.7, -50.1, -50.1, -58.3, -63.6, -67.2
- Somalia: ..., -4.0, -4.2, -4.7, -4.6, -4.8
- Sudan: -10.7, -10.1, -8.7, -7.8, -7.4, -8.4
- Syrian Arab Republic: ..................
- Tunisia: -19.0, -22.3, -21.5, -22.3, -22.0, -22.4
- CCA: -74.9, -115.8, -104.8, -108.4, -122.1, -127.3
- CCA oil and gas exporters: -60.5, -94.5, -84.0, -84.9, -95.1, -98.5
- Azerbaijan: -9.8, -18.4, -16.5, -16.1, -18.0, -18.3
- Kazakhstan: -35.5, -45.4, -39.1, -42.6, -46.4, -47.4
- Turkmenistan: -16.5, -16.3, -14.4, -11.8, -12.8, -13.5
- Uzbekistan: -8.9, -14.3, -13.9, -14.4, -18.0, -19.3
- CCA oil and gas importers: -14.3, -21.3, -20.8, -23.5, -27.0, -28.8
- Armenia: -3.3, -4.4, -4.5, -5.7, -6.1, -6.3
- Georgia: -5.2, -8.7, -8.5, -9.4, -10.9, -11.6
- Kyrgyz Republic: -3.1, -4.9, -4.8, -5.3, -6.3, -6.8
- Tajikistan: -2.8, -3.3, -3.0, -3.2, -3.7, -4.1
- Memorandum — MENA: -683.9, -1,151.7, -1,096.6, -1,126.6, -1,216.9, -1,264.3
- Memorandum — MENA oil importers: -147.3, -207.9, -203.2, -210.6, -217.6, -229.4
- Memorandum — GCC: -387.3, -724.0, -677.4, -686.9, -742.5, -772.8
- Memorandum — Non-GCC oil exporters: -149.2, -219.8, -215.9, -229.1, -256.8, -262.1
- Memorandum — Arab World: -619.8, -1,077.7, -1,017.1, -1,035.0, -1,113.7, -1,160.6
- West Bank and Gaza2: -4.4, -7.5, -7.6, -8.5, -9.2, -9.4
- Conflict Countries: -56.4, -82.2, -76.2, -77.6, -93.1, -97.1
- MENAP oil exporters, excluding conflict countries: -489.1, -861.6, -817.2, -838.4, -906.3, -937.8
- MENAP, excluding conflict countries: -663.4, -1,128.2, -1,078.0, -1,116.0, -1,196.6, -1,244.2

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 Excludes re-exports of goods and services.
- 2 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 20. Current Account Balance (Billions of U.S. dollars) — Average / Projections
- MENAP: 197.2, -123.3, -130.3, -28.0, 17.8, -9.1
- MENAP oil exporters: 213.7, -82.4, -76.7, 28.8, 74.1, 46.9
- Algeria: 12.8, -27.3, -26.5, -21.9, -18.4, -20.3
- Bahrain: 1.4, -0.8, -1.5, -1.4, -1.2, -1.3
- Iran, I.R. of: 17.8, 1.2, 16.3, 18.4, 29.2, 26.0
- Iraq: ..., -11.6, -14.7, 1.4, 0.4, -3.7
- Kuwait: 37.7, 4.0, -5.0, 2.4, 7.8, 5.0
- Libya: 11.2, -9.3, -4.6, 0.7, -4.7, -5.1
- Oman: 3.9, -11.0, -12.3, -8.6, -5.1, -5.1
- Qatar: 22.2, 13.8, -8.3, 2.1, 4.7, 3.5
- Saudi Arabia: 76.7, -56.7, -23.9, 18.2, 40.4, 27.0
- United Arab Emirates: 27.9, 17.6, 4.9, 17.6, 21.8, 21.6
- Yemen: -0.4, -2.2, -1.1, -0.2, -0.9, -0.7
- MENAP oil importers: -16.6, -40.9, -53.6, -56.8, -56.3, -55.9
- Afghanistan, Rep. of: 2.7, 1.5, 1.4, 0.3, 0.1, 0.0
- Djibouti: -0.1, -0.5, -0.6, -0.5, -0.4, -0.4
- Egypt: -1.4, -12.1, -19.8, ......... 
- Jordan: -1.6, -3.4, -3.6, -3.5, -3.6, -3.5
- Lebanon: -5.4, -9.7, -11.6, -12.9, -13.9, -14.2
- Mauritania: -0.5, -1.0, -0.7, -0.5, -0.5, -0.5
- Morocco: -3.4, -2.2, -4.5, -4.2, -4.4, -4.6
- Pakistan: -2.8, -2.7, -4.9, .........
- Somalia: ...,-0.3, -0.4, -0.5, -0.6, -0.5
- Sudan: ...,-6.5, -5.1, -3.2, -2.6, -2.9
- Syrian Arab Republic: ..................
- Tunisia: -1.8, -3.8, -3.7, -4.0, -3.7, -3.3
- CCA: 5.7, -14.0, -20.1, -8.3, -7.1, -6.6
- CCA oil and gas exporters: 7.9, -10.5, -17.0, -5.8, -3.7, -3.2
- Azerbaijan: 6.9, -0.2, -1.4, 1.4, 2.6, 3.3
- Kazakhstan: 0.6, -5.1, -8.9, -4.7, -2.5, -2.4
- Turkmenistan: -2.1, -5.6, -7.2, -4.4, -3.8, -3.6
- Uzbekistan: 1.2, 0.5, 0.5, 1.8, 0.1, -0.5
- CCA oil and gas importers: -2.2, -3.5, -3.1, -2.4, -3.5, -3.4
- Armenia: -0.7, -0.3, -0.2, -0.3, -0.3, -0.4
- Georgia: -1.1, -1.7, -1.8, -1.4, -1.7, -1.7
- Kyrgyz Republic: -0.2, -1.1, -0.8, -0.6, -1.0, -1.0
- Tajikistan: -0.2, -0.5, -0.3, -0.2, -0.4, -0.4
- Memorandum — MENA: 197.6, -122.0, -126.8, -15.9, 33.4, 5.9
- Memorandum — MENA oil importers: -16.1, -39.7, -50.1, -44.7, -40.7, -41.0
- Memorandum — GCC: 169.7, -33.1, -46.1, 30.4, 68.4, 50.7
- Memorandum — Non-GCC oil exporters: 44.1, -49.3, -30.6, -1.6, 5.6, -3.8
- Memorandum — Arab World: 179.8, -123.3, -143.0, -34.3, 4.1, -20.1
- West Bank and Gaza1: -1.1, -2.1, -1.3, -2.1, -2.2, -2.2
- Conflict countries: 13.2, -23.2, -20.4, 2.0, -5.2, -9.5
- MENAP oil exporters, excluding conflict countries: 200.3, -59.2, -56.3, 26.9, 79.2, 56.4
- MENAP, excluding conflict countries: 183.9, -100.0, -109.9, -29.9, 23.0, 0.4

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 21. Current Account Balance (Percent of GDP) — Average / Projections
- MENAP: 8.8, -4.0, -4.2, -0.9, 0.5, -0.3
- MENAP oil exporters: 12.6, -3.8, -3.6, 1.2, 3.0, 1.8
- Algeria: 11.4, -16.5, -16.6, -12.3, -9.3, -9.7
- Bahrain: 6.3, -2.4, -4.6, -3.9, -3.2, -3.3
- Iran, I.R. of: 4.8, 0.3, 4.0, 4.3, 7.0, 6.3
- Iraq: ..., -6.5, -8.6, 0.7, 0.2, -1.6
- Kuwait: 33.3, 3.5, -4.5, 2.0, 5.8, 3.6
- Libya: 16.9, -54.4, -24.7, 2.2, -10.7, -10.9
- Oman: 8.9, -15.9, -18.4, -11.5, -6.2, -6.0
- Qatar: 21.0, 8.4, -5.5, 1.3, 2.5, 1.8
- Saudi Arabia: 16.3, -8.7, -3.7, 2.7, 5.4, 3.6
- United Arab Emirates: 10.6, 4.9, 1.4, 4.7, 5.3, 5.1
- Yemen: -0.1, -6.5, -5.2, -1.0, -6.5, -3.8
- MENAP oil importers: -2.2, -4.4, -5.7, -6.5, -6.2, -5.7
- Afghanistan, Rep. of: 28.1, 7.5, 7.1, 1.6, 0.6, -0.2
- Djibouti: -9.2, -31.8, -30.4, -23.2, -19.5, -18.8
- Egypt1: 0.0, -3.7, -6.0, -6.5, -4.4, -3.9
- Jordan: -6.2, -9.1, -9.3, -8.7, -8.5, -7.9
- Lebanon: -16.7, -19.6, -23.3, -25.0, -25.8, -25.2
- Mauritania: -14.3, -19.8, -14.9, -10.0, -9.9, -8.4
- Morocco: -3.5, -2.1, -4.4, -3.8, -3.6, -3.5
- Pakistan: -1.3, -1.0, -1.7, -4.1, -4.8, -4.4
- Somalia: ..., -4.7, -6.3, -6.7, -7.2, -6.5
- Sudan: ..., -10.2, -8.9, -5.5, -6.2, -6.8
- Syrian Arab Republic: ..................
- Tunisia: -4.4, -8.9, -8.8, -10.1, -9.2, -7.8
- CCA: 0.9, -3.7, -6.4, -2.5, -2.0, -1.7
- CCA oil and gas exporters: 2.1, -3.1, -6.2, -2.0, -1.2, -1.0
- Azerbaijan: 9.0, -0.4, -3.6, 3.5, 5.6, 7.0
- Kazakhstan: -0.6, -2.8, -6.7, -2.9, -1.4, -1.3
- Turkmenistan: -7.4, -15.6, -19.9, -11.5, -9.0, -7.8
- Uzbekistan: 4.4, 0.7, 0.7, 3.7, 0.2, -1.1
- CCA oil and gas importers: -7.8, -8.9, -8.2, -6.0, -8.0, -7.3
- Armenia: -8.9, -2.6, -2.3, -2.6, -2.8, -2.8
- Georgia: -11.0, -12.0, -12.8, -9.3, -10.5, -9.5
- Kyrgyz Republic: -2.3, -16.0, -12.1, -7.8, -13.6, -12.2
- Tajikistan: -4.3, -6.0, -3.8, -2.6, -5.2, -4.7
- Memorandum — MENA: 9.5, -4.4, -4.6, -0.6, 1.1, 0.2
- Memorandum — MENA oil importers: -3.2, -6.2, -7.9, -8.1, -7.2, -6.7
- Memorandum — GCC: 16.5, -2.4, -3.4, 2.1, 4.3, 3.1
- Memorandum — Non-GCC oil exporters: 6.9, -6.4, -3.9, -0.2, 0.6, -0.4
- Memorandum — Arab World: 10.6, -5.1, -6.1, -1.4, 0.2, -0.7
- West Bank and Gaza2: -17.3, -16.3, -9.9, -13.8, -13.4, -13.2
- Conflict countries: 7.3, -10.0, -9.7, 0.8, -1.8, -3.2
- MENAP oil exporters, excluding conflict countries: 13.1, -3.1, -2.9, 1.3, 3.6, 2.5
- MENAP, excluding conflict countries: 9.0, -3.5, -3.8, -1.0, 0.7, 0.0

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 Egypt's current account in percent of GDP data differs from the data reported in the Staff Report for 2017 Article IV consultation with Egypt. The latter calculates annual GDP, based on quarterly GDP converted at the corresponding quarterly average exchange rate to better capture the impact of the large devaluation in November, 2016.
- 2 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 22. Gross Official Reserves (Billions of U.S. dollars) — Average / Projections
- MENAP: 762.9, 1,302.5, 1,163.9, 1,098.2, 1,110.6, 1,106.8
- MENAP oil exporters: 679.0, 1,177.0, 1,032.5, 952.8, 962.6, 961.9
- Algeria: 104.7, 142.6, 112.9, 96.1, 82.6, 64.0
- Bahrain: 3.4, 3.4, 2.4, 2.7, 2.5, 2.3
- Iran, I.R. of: 63.8, 115.7, 104.2, 95.1, 108.4, 127.0
- Iraq: 41.1, 53.7, 45.4, 48.1, 59.4, 64.4
- Kuwait: 17.3, 28.3, 31.2, 33.2, 35.1, 36.7
- Libya: 66.4, 71.0, 64.6, 56.8, 39.7, 23.0
- Oman: 8.8, 17.5, 20.3, 16.1, 15.6, 15.1
- Qatar: 15.0, 37.2, 31.7, 14.9, 19.6, 23.2
- Saudi Arabia1: 326.2, 611.9, 533.6, 493.8, 495.0, 492.1
- United Arab Emirates2: 35.6, 94.0, 85.4, 95.4, 104.5, 112.9
- Yemen: 5.1, 1.5, 0.8, 0.6, 0.4, 1.0
- MENAP oil importers: 84.0, 125.5, 131.5, 145.4, 148.0, 144.9
- Afghanistan, Rep of: ..., 6.8, 7.4, 8.1, 8.3, 8.3
- Djibouti: 0.2, 0.4, 0.4, 0.4, 0.5, 0.5
- Egypt: 21.3, 19.5, 17.1, 30.7, 35.5, 34.0
- Jordan: 8.5, 16.6, 15.5, 15.7, 16.8, 17.9
- Lebanon3: 18.6, 36.7, 40.2, 40.6, 37.5, 33.7
- Mauritania: 0.3, 0.8, 0.8, 0.8, 1.0, 1.3
- Morocco: 17.5, 22.8, 25.1, 26.2, 28.9, 30.7
- Pakistan: 8.3, 13.5, 18.1, 16.1, 12.1, 10.4
- Somalia: ..................
- Sudan: 1.7, 1.0, 0.9, 0.9, 1.0, 1.1
- Syrian Arab Republic: ..................
- Tunisia: 6.2, 7.4, 5.9, 5.7, 6.3, 7.0
- CCA: 35.7, 63.5, 67.6, 73.5, 77.9, 81.5
- CCA oil and gas exporters: 31.7, 57.2, 60.2, 64.9, 68.6, 71.2
- Azerbaijan: 5.4, 5.0, 4.0, 5.5, 6.5, 7.0
- Kazakhstan: 16.6, 27.9, 29.7, 31.2, 33.2, 35.2
- Turkmenistan: ..................
- Uzbekistan: 9.7, 24.3, 26.5, 28.1, 28.9, 29.0
- CCA oil and gas importers: 4.0, 6.3, 7.4, 8.6, 9.2, 10.3
- Armenia: 1.2, 1.8, 2.2, 2.3, 2.5, 2.9
- Georgia: 1.4, 2.5, 2.8, 3.0, 3.3, 3.7
- Kyrgyz Republic: 1.1, 1.5, 1.8, 2.0, 1.9, 2.1
- Tajikistan: 0.2, 0.5, 0.7, 1.3, 1.4, 1.6
- Memorandum — MENA: 753.2, 1,282.2, 1,138.4, 1,073.9, 1,090.2, 1,088.1
- Memorandum — MENA oil importers: 74.2, 105.2, 106.0, 121.1, 127.6, 126.2
- Memorandum — GCC: 406.2, 792.4, 704.6, 656.1, 672.2, 682.4
- Memorandum — Non-GCC oil exporters: 272.7, 384.6, 327.9, 296.7, 290.4, 279.5
- Memorandum — Arab World: 689.5, 1,166.4, 1,034.3, 978.8, 981.8, 961.1
- West Bank and Gaza4: 0.5, 0.6, ............
- Conflict countries: 104.3, 126.2, 110.8, 105.5, 99.5, 88.5
- MENAP oil exporters, excluding conflict countries: 574.7, 1,050.8, 921.6, 847.3, 863.2, 873.4
- MENAP, excluding conflict countries: 658.6, 1,176.3, 1,053.1, 992.6, 1,011.1, 1,018.3

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 Saudi Arabia Monetary Agency gross foreign assets.
- 2 Central bank only . Excludes overseas assets of sovereign wealth funds.
- 3 Excludes gold and encumbered assets.
- 4 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 23. Total Gross External Debt (Percent of GDP) — Average / Projections
- MENAP: 30.8, 32.4, 37.3, 38.6, 39.3, 40.1
- MENAP oil exporters: 25.4, 30.4, 36.0, 34.7, 35.3, 36.5
- Algeria: 15.3, 1.8, 2.4, 2.3, 2.0, 1.8
- Bahrain: 109.3, 174.4, 182.8, 181.1, 179.4, 182.0
- Iran, I.R. of: 5.9, 2.0, 2.1, 2.0, 2.2, 2.3
- Iraq: 169.3, 36.7, 37.2, 34.4, 34.7, 35.7
- Kuwait: 29.5, 35.7, 38.5, 45.8, 50.1, 56.1
- Libya: ..................
- Oman: 37.8, 52.3, 69.8, 82.5, 81.3, 81.9
- Qatar: 60.3, 73.8, 110.9, 88.0, 86.6, 82.7
- Saudi Arabia: 13.4, 13.8, 19.8, 22.1, 23.6, 26.5
- United Arab Emirates: 33.9, 63.3, 66.7, 60.3, 56.0, 54.6
- Yemen: 29.8, 16.9, 27.5, 34.0, 40.0, 30.1
- MENAP oil importers: 44.5, 37.0, 40.3, 48.8, 50.1, 49.5
- Afghanistan, Rep. of: 85.6, 6.1, 6.4, 6.1, 6.3, 6.3
- Djibouti: 57.5, 69.3, 85.3, 90.7, 94.0, 95.0
- Egypt: 22.7, 14.5, 16.8, 33.3, 34.5, 30.5
- Jordan2: 72.4, 65.8, 66.9, 68.4, 70.3, 72.5
- Lebanon: 164.1, 169.9, 189.5, 198.4, 202.3, 204.8
- Mauritania: 120.9, 104.1, 108.7, 102.2, 78.3, 77.5
- Morocco: 29.3, 33.4, 33.6, 35.0, 34.2, 33.1
- Pakistan: 33.3, 24.1, 26.1, 27.3, 28.5, 30.2
- Somalia: ...76.5, 74.5, .........
- Sudan: 82.2, 77.7, 90.9, 92.6, 132.9, 132.9
- Syrian Arab Republic: ..................
- Tunisia3: 54.9, 62.7, 66.3, 78.1, 79.7, 81.5
- CCA: 54.3, 57.3, 75.1, 77.1, 76.8, 75.0
- CCA oil and gas exporters: 53.5, 54.8, 73.7, 75.8, 75.7, 73.6
- Azerbaijan4: 11.2, 23.6, 45.1, 51.8, 52.0, 53.4
- Kazakhstan: 76.4, 83.2, 122.5, 106.6, 101.5, 99.5
- Turkmenistan: ...21.8, 23.1, 25.1, 27.0, 29.4
- Uzbekistan: 25.7, 17.7, 19.5, 32.5, 38.9, 33.8
- CCA oil and gas importers: 63.0, 78.5, 85.6, 86.0, 84.8, 84.5
- Armenia: 52.6, 84.4, 92.7, 91.0, 88.6, 85.9
- Georgia5: ...86.1, 92.1, 93.3, 93.4, 93.8
- Kyrgyz Republic: 91.1, 85.2, 86.0, 82.1, 77.5, 77.7
- Tajikistan: 59.3, 51.3, 61.2, 66.9, 67.9, 69.4
- Memorandum — MENA: 30.4, 33.4, 38.6, 40.0, 40.7, 41.4
- Memorandum — MENA oil importers: 48.2, 43.5, 47.5, 62.4, 64.6, 62.0
- Memorandum — GCC: 27.7, 41.0, 50.0, 48.4, 48.1, 49.6
- Memorandum — Non-GCC oil exporters: 22.7, 10.9, 10.8, 10.5, 11.3, 11.7
- Memorandum — Arab World: 36.3, 38.3, 44.9, 46.9, 46.9, 47.4
- West Bank and Gaza6: 13.0, 8.4, 7.7, 6.9, 6.5, 6.2
- Conflict countries: ...33.5, 36.1, 34.4, 35.1, 35.3
- MENAP oil exporters, excluding conflict countries: 22.2, 30.0, 35.9, 34.7, 35.3, 36.6
- MENAP, excluding conflict countries: 27.5, 32.3, 37.4, 38.9, 39.6, 40.4

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 Nominal GDP is converted to U.S. dollars using period average exchange rate.
- 2 Excludes deposits of nonresidents held in the banking system.
- 3 Includes bank deposits of nonresidents.
- 4 Public and publicly guaranteed debt, as private debt data are not reliable.
- 5 Excludes intercompany loans.
- 6 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 24. Gross Official Reserves (Months of Imports) — Average / Projections
- MENAP: 9.9, 12.9, 11.1, 9.7, 9.6, 9.4
- MENAP oil exporters: 11.2, 14.9, 12.7, 10.8, 10.7, 10.6
- Algeria: 26.9, 28.4, 22.6, 19.0, 16.2, 13.4
- Bahrain: 2.5, 1.9, 1.2, 1.3, 1.1, 1.0
- Iran, I.R. of: 11.6, 17.5, 13.6, 11.1, 12.5, 14.5
- Iraq: 7.8, 9.2, 7.6, 6.7, 8.1, 8.6
- Kuwait: 6.2, 6.4, 6.7, 6.9, 7.0, 7.0
- Libya: ..................
- Oman: 4.6, 6.7, 7.7, 5.8, 5.4, 5.0
- Qatar: 4.8, 7.0, 5.7, 2.6, 3.3, 4.1
- Saudi Arabia2: 22.1, 37.1, 33.1, 29.1, 28.0, 26.8
- United Arab Emirates3: 2.6, 3.6, 3.2, 3.3, 3.4, 3.5
- Yemen: 7.9, 2.9, 1.7, 1.0, 0.6, 1.2
- MENAP oil importers: 5.6, 5.9, 5.8, 6.1, 5.9, 5.5
- Afghanistan, Rep of: ..., 10.9, 10.2, 10.8, 10.2, 9.8
- Djibouti: 2.9, 3.2, 3.5, 3.9, 3.9, 4.1
- Egypt: 6.0, 3.5, 3.0, 5.4, 5.8, 5.3
- Jordan: 6.4, 9.2, 8.4, 8.2, 8.5, 8.7
- Lebanon4: 8.6, 14.1, 14.7, 13.8, 12.4, 10.8
- Mauritania: 1.3, 3.9, 3.7, 3.5, 4.2, 5.3
- Morocco: 7.1, 6.0, 6.1, 5.9, 6.2, 6.3
- Pakistan: 3.0, 3.2, 3.7, 3.0, 2.2, 1.8
- Somalia: ..................
- Sudan: ..., 1.4, 1.3, 1.5, 1.4, 1.4
- Syrian Arab Republic: ..................
- Tunisia: 3.5, 4.1, 3.2, 3.1, 3.4, 3.8
- CCA: 5.0, 8.4, 8.4, 8.1, 8.2, 8.2
- CCA oil and gas exporters: 5.6, 9.9, 9.9, 9.5, 9.7, 9.6
- Azerbaijan: 4.8, 3.6, 3.0, 3.7, 4.3, 4.4
- Kazakhstan: 4.7, 8.6, 8.4, 8.1, 8.4, 8.7
- Turkmenistan: ..................
- Uzbekistan: 9.7, 21.0, 22.1, 18.8, 18.0, 16.4
- CCA oil and gas importers: 2.8, 3.6, 3.8, 3.8, 3.8, 4.0
- Armenia: 3.9, 4.7, 4.7, 4.6, 4.9, 5.3
- Georgia: 2.4, 3.5, 3.5, 3.3, 3.4, 3.6
- Kyrgyz Republic: 4.1, 3.7, 4.0, 3.7, 3.4, 3.5
- Tajikistan: 0.9, 2.0, 2.5, 4.2, 4.2, 4.3
- Memorandum — MENA: 10.2, 13.3, 11.5, 10.1, 10.0, 9.9
- Memorandum — MENA oil importers: 6.1, 6.3, 6.2, 6.8, 6.8, 6.5
- Memorandum — GCC: 9.9, 14.0, 12.3, 10.6, 10.4, 10.2
- Memorandum — Non-GCC oil exporters: 14.5, 17.4, 13.8, 11.2, 11.5, 11.7
- Memorandum — Arab World: 10.0, 13.0, 11.3, 10.0, 9.8, 9.5
- West Bank and Gaza5: 1.4, 0.9, ............
- Conflict countries: ...8.7, 7.1, 6.3, 7.4, 7.8
- MENAP oil exporters, excluding conflict countries: 12.2, 15.4, 13.2, 11.2, 11.0, 10.9
- MENAP, excluding conflict countries: 10.0, 13.1, 11.4, 10.0, 9.8, 9.6

Notes:
- Sources: National authorities; and IMF staff estimates and projections.
- 1 Calculated as reserves in months of next year's imports.
- 2 Saudi Arabia Monetary Agency gross foreign assets.
- 3 Central bank only. Excludes overseas assets of sovereign wealth funds. Reserves in months of imports, net of re-exports are 5.4%, 4.7% and 4.3% for 2016, 2017 and 2018.
- 4 Excludes gold and encumbered assets.
- 5 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 25. Capital Adequacy Ratios (Percent of risk-weighted assets) — Selected Dec/Mar/Jun/Sep values
- Dec-14 / Dec-15 / Dec-16 / Mar-17 / Jun-17 / Sep-17 / Dec-17 — MENAP (Oil exporters / Oil importers and country detail where provided):
  - Algeria: 2.0, ..................
  - Bahrain1: 1.5, 1.4, ...............
  - Kuwait: 1.1, 1.1, 1.1, ............
  - Oman: 1.7, 1.6, 1.4, ............
  - Qatar: 2.1, 2.0, 1.7, ............
  - Saudi Arabia: 2.0, 2.0, 1.8, 2.0, 2.0, ...... 
  - United Arab Emirates2: 1.7, 1.5, 1.5, 1.5, 1.6, 1.7...
  - Afghanistan, Rep. of: 0.9, 0.2, 1.6, 0.3, 0.2, 0.5, 0.7
  - Djibouti: 0.7, 0.6, ...............
  - Egypt3: 1.3, 1.3, 1.5, 2.0, 2.0, 2.0, 2.0
  - Jordan: 1.4, 1.3, 1.1, ............
  - Lebanon3: 1.1, 1.2, 1.2, ............
  - Mauritania: 1.2, 0.7, ...............
  - Morocco: 0.9, 0.8, 0.8, ............
  - Pakistan: 2.2, 2.5, 2.1, 1.9, .........
  - Sudan: ..., 4.0, 4.7, 1.2, 0.0, 0.0, 0.0
  - Tunisia: 0.9, ..................
  - Armenia: 1.0, -0.5, 1.1, 1.1, 1.3, 1.2, 1.2
  - Azerbaijan: 1.7, ..................
  - Georgia4: 2.6, 2.3, 2.8, 3.5, 3.0, 2.8, 2.8
  - Kazakhstan: 1.5, 1.0, ...............
  - Kyrgyz Republic: 2.6, 1.5, 0.5, ............
  - Tajikistan: -4.4, -0.6, -2.8, 1.4, -0.4, 0.3, 0.4
  - Turkmenistan: .....................
  - Uzbekistan: 2.0, 2.0, 2.0, ............
  - Memorandum — West Bank and Gaza5: 1.7, 1.5, 1.5, 1.4, 1.6, 1.6, 1.5

Notes:
- Source: National authorities.
- 1 Conventional retail banks only; excludes Islamic Wholesale and Retail banks along with Conventional Wholesale banks.
- 2 National banks only.
- 3 After tax.
- 4 Cumulative and annualized.
- 5 West Bank and Gaza is not a member of the IMF and is not included in any of the aggregates.

### Table 26. Return on Assets (Pre-tax, percent) — Selected Dec/Mar/Jun/Sep values
- Dec-14 / Dec-15 / Dec-16 / Mar-17 / Jun-17 / Sep-17 / Dec-17 — MENAP (Oil exporters / Oil importers and country detail where provided):
  - Algeria: 9.2, ..................
  - Bahrain1: 3.7, 3.9, ...............
  - Iran, I.R. of2: .....................
  - Kuwait: 2.9, 2.4, 2.2, ............
  - Oman: 1.9, 1.8, 1.8, ............
  - Qatar: 1.7, 1.6, 1.3, ...1.5, ...... 
  - Saudi Arabia: 1.1, 1.2, 1.4, 1.4, 1.4, ...... 
  - United Arab Emirates3: 6.7, 6.0, 6.1, 6.1, 6.5, 6.7...
  - Afghanistan, Rep. of: 7.8, 12.1, 12.7, 13.6, 17.9, 17.7, 12.2
  - Djibouti: 18.0, 22.1, ...............
  - Egypt5: 8.5, 6.8, 5.8, 5.7, 5.5, 5.3, 4.9
  - Jordan: 5.6, 5.0, 4.4, ............
  - Lebanon: 4.0, 4.2, 4.9, ............
  - Mauritania: 23.0, 30.0, 21.5, ............
  - Morocco: 6.8, 7.3, 7.4, 7.6, 7.3, 7.6, 7.5
  - Pakistan: 12.3, 11.4, 10.1, 9.9, .........
  - Sudan: 7.1, 5.1, 5.2, 0.0, 0.0, 0.0, 0.0
  - Tunisia: 15.7, ..................
  - Armenia6: 6.8, 7.8, 6.7, 6.8, 6.3, 7.3, 5.5
  - Azerbaijan7: 4.4, ..................
  - Georgia: 3.1, 2.7, 3.5, 3.7, 3.5, 3.1, 2.8
  - Kazakhstan: 23.5, 8.0, 6.7, 7.7, .........
  - Kyrgyz Republic: 4.5, 7.1, 8.8, ............
  - Tajikistan8: 25.1, 29.9, 54.0, 50.8, 50.3, 48.8, 36.5
  - Turkmenistan: 0.1, 0.2, 0.3, ............
  - Uzbekistan: 0.4, 0.4, 0.4, ............
  - Memorandum — West Bank and Gaza9: 2.5, 2.3, 2.2, 2.2, 2.4, 2.4, 2.3

Notes:
- Source: National authorities.
- 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.

### Table 27. Nonperforming Loans (90-day basis, percent of total loans) — Selected Dec/Mar/Jun/Sep values
- Dec-14 / Dec-15 / Dec-16 / Mar-17 / Jun-17 / Sep-17 / Dec-17 — MENAP (Oil exporters / Oil importers and country detail where provided):
  - (Table header provided; country-level NPL series appear in Table 26 notes and in country rows of Table 26 that reference NPL definitions.)

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

*End of Section 3 content unit.*

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_Source: https://www.imf.org/-/media/files/publications/reo/mcd-cca/2018/may/english/mreo0518-statisticalappendix.pdf_