## Statistical Appendix

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**Canonical URL:** [Statistical Appendix](https://www.imf.org/-/media/files/publications/reo/mcd-cca/2019/april/english/statistical-appendix.pdf)

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---

### Scope, coverage, and key assumptions
- 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).
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.
- Projections are working hypotheses based on policies being maintained and statistical information available through early March 2019.
- Oil price assumptions: US$54.09 a barrel in 2019 and US$55.16 a barrel in 2020.
- LIBOR assumption: six-month London interbank offered rate (LIBOR) on U.S.-dollar deposits averaging 3.3 percent in 2019 and 3.9 percent in 2020.
- All data for Syria are excluded for 2011 onward.
- Calendar year basis except for:
  - 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.
- Tables 7 and 8: calendar year for all aggregates and countries except Iran, which uses the Iranian calendar year (beginning on March 21).
- In Tables 3, 6, 13, and 14, “oil” includes gas.
- Averages: arithmetically weighted for all aggregates except consumer price index, for which geometric averages are used.

### Conventions and data construction
- Ellipsis points (. . .) indicate “not available”; 0 or 0.0 indicates “zero” or “negligible.”
- REO aggregates construction highlights:
  - Domestic economy composites (Tables 1, 3, 7–8) weighted by GDP at purchasing power parities (PPPs) as a share of total MCD or group GDP.
  - Broad money growth composites (Table 9) weighted by GDP converted to U.S. dollars at market exchange rates (GDP and exchange rates averaged over preceding three years).
  - Fiscal aggregates (Tables 10–17) are sums of individual country data converted to U.S. dollars at average market exchange rates, presented in percent of aggregate GDP in U.S. dollars.
  - External economy composites in nominal terms (Tables 18–20 and 22) are sums of individual country data; percent-of-GDP external composites (Tables 21 and 23) use GDP in U.S. dollars as weights.
  - Tables 2, 4, and 5 composites are sums of individual country data.

### Projections — real economy, prices, and money (select series from Tables 1–9)
- Table 1. Real GDP Growth (Annual change; percent)
  - MENAP: Average 4.6; 2016 5.2; 2017 2.2; 2018 1.8; 2019 1.5; 2020 3.2
  - MENAP oil exporters: Average 4.8; 2016 5.9; 2017 1.3; 2018 0.6; 2019 0.4; 2020 2.8
  - MENAP oil importers: Average 4.3; 2016 3.7; 2017 4.1; 2018 4.2; 2019 3.6; 2020 4.0
  - CCA: Average 7.8; 2016 2.7; 2017 4.9; 2018 4.2; 2019 4.1; 2020 4.1
  - GCC (memorandum): Average 4.8; 2016 2.3; 2017 -0.3; 2018 2.0; 2019 2.1; 2020 2.8
  - Conflict countries (memorandum): Average 8.3; 2016 9.8; 2017 3.1; 2018 1.9; 2019 2.9; 2020 7.7

- Table 2. Nominal GDP (Billions of U.S. dollars)
  - MENAP: Average 2,188.4; 2016 3,081.1; 2017 3,178.3; 2018 3,477.9; 2019 3,511.7; 2020 3,693.7
  - MENAP oil exporters: Average 1,624.1; 2016 2,145.9; 2017 2,313.0; 2018 2,590.4; 2019 2,606.6; 2020 2,728.6
  - MENAP oil importers: Average 564.3; 2016 935.2; 2017 865.3; 2018 887.5; 2019 905.0; 2020 965.1
  - CCA: Average 221.1; 2016 317.1; 2017 332.4; 2018 345.7; 2019 355.4; 2020 386.7
  - GCC (memorandum): 968.6; 2016 1,361.3; 2017 1,463.8; 2018 1,661.2; 2019 1,639.0; 2020 1,711.1

- Table 3. Oil and Non-Oil Real GDP Growth (Annual change; percent)
  - Non-Oil GDP, MENAP oil exporters: Average 6.2; 2016 1.6; 2017 2.5; 2018 1.2; 2019 2.1; 2020 2.9
  - Oil GDP, MENAP oil exporters: Average 2.3; 2016 19.2; 2017 -0.9; 2018 -0.9; 2019 -4.1; 2020 6.7
  - CCA oil and gas exporters (Non-Oil GDP): Average 8.3; 2016 1.1; 2017 2.9; 2018 3.9; 2019 3.9; 2020 3.9

- Tables 4–5. Production and exports of crude oil and natural gas (Millions of barrels per day)
  - Crude oil production, MENAP oil exporters: Average 24.22; 2016 28.06; 2017 27.47; 2018 27.69; 2019 27.09; 2020 27.79
  - Crude oil production, Saudi Arabia: Average 8.87; 2016 10.46; 2017 9.95; 2018 10.32; 2019 10.33; 2020 10.41
  - Natural gas production, MENAP oil exporters: Average 9.09; 2016 15.12; 2017 15.68; 2018 15.61; 2019 15.75; 2020 16.11
  - Crude oil exports, MENAP oil exporters: Average 17.91; 2016 20.36; 2017 19.76; 2018 19.92; 2019 19.39; 2020 19.97
  - Crude oil exports, Saudi Arabia: Average 6.81; 2016 7.48; 2017 6.97; 2018 7.37; 2019 7.28; 2020 7.24
  - Natural gas exports, MENAP oil exporters: Average 3.53; 2016 4.71; 2017 4.68; 2018 4.70; 2019 4.74; 2020 4.89

- Table 6. Breakeven Oil Prices (U.S. dollars per barrel) — country examples
  - Fiscal Breakeven Oil Price:
    - Algeria: Average 102.6; 2016 102.5; 2017 91.4; 2018 98.9; 2019 116.4; 2020 92.3
    - Iran, I.R. of: Average 55.9; 2016 58.4; 2017 64.8; 2018 113.8; 2019 125.6; 2020 124.4
    - Saudi Arabia: Average 78.0; 2016 96.4; 2017 83.7; 2018 83.9; 2019 85.4; 2020 78.3
  - External Breakeven Oil Price:
    - Algeria: Average 72.0; 2016 73.4; 2017 74.3; 2018 79.7; 2019 83.0; 2020 75.0
    - Iran, I.R. of: Average 41.5; 2016 28.3; 2017 33.5; 2018 36.9; 2019 50.2; 2020 52.4
    - Kuwait: Average 34.0; 2016 46.0; 2017 46.0; 2018 58.8; 2019 51.3; 2020 49.6

- Tables 7–8. Inflation and Core Inflation (Year average; percent)
  - Consumer Price Inflation (Table 7):
    - MENAP: Average 6.5; 2016 5.1; 2017 7.0; 2018 9.6; 2019 9.5; 2020 9.0
    - CCA: Average 8.8; 2016 10.4; 2017 9.1; 2018 8.2; 2019 7.8; 2020 6.4
    - GCC (memorandum): Average 2.7; 2016 2.1; 2017 0.2; 2018 2.1; 2019 0.4; 2020 2.4
  - Core Consumer Price Inflation (Table 8):
    - MENAP (core): Average 8.3; 2016 5.5; 2017 7.5; 2018 10.4; 2019 11.3; 2020 9.4
    - MENAP oil exporters (core): Average 10.1; 2016 4.2; 2017 2.9; 2018 12.7; 2019 13.3; 2020 11.3

- Table 9. Broad Money Growth (Annual change; percent)
  - MENAP: Average 15.9; 2016 7.8; 2017 12.5; 2018 10.6; 2019 12.2; 2020 11.1
  - Iran, I.R. of (broad money): Average 26.2; 2016 23.3; 2017 22.1; 2018 34.8; 2019 32.2; 2020 27.3

### Fiscal aggregates and public debt (select highlights from Tables 10–17)
- Table 10. Central Government Net Lending/Borrowing (Percent of GDP)
  - MENAP: 2.1 -9.0 -5.2 -3.0 -4.5 -3.6
  - MENAP oil exporters: 4.5 -9.5 -4.5 -1.6 -3.7 -2.5
  - MENAP oil importers: -5.8 -7.8 -6.9 -7.0 -7.1 -6.9
  - Kuwait: 27.0 0.3 6.6 11.3 9.5 7.6
  - Saudi Arabia: 5.8 -17.2 -9.2 -4.6 -7.9 -5.7
  - Yemen: -3.5 -8.4 -4.9 -4.4 -5.1 -5.5

- Table 11. General Government Fiscal Balance (Percent of GDP)
  - MENAP: 2.9 -9.5 -5.5 -3.1 -4.9 -4.0
  - MENAP oil exporters: 5.7 -10.4 -5.1 -1.9 -4.2 -3.1
  - Libya: -2.5 -113.3 -43.0 -7.4 -10.9 -14.9
  - Qatar: 10.1 -5.4 -2.9 5.3 6.1 6.6
  - West Bank and Gaza: -20.8 -8.0 -8.1 -7.5 -11.0 -11.1

- Table 12. General Government Total Revenue, Excluding Grants (Percent of GDP)
  - MENAP: 32.0 23.4 25.2 27.5 27.7 27.7
  - MENAP oil exporters: 36.0 25.6 27.5 30.5 30.7 30.7
  - Kuwait: 66.1 54.1 58.4 58.4 59.9 58.2
  - Libya: 59.7 31.7 51.8 70.3 81.4 75.3
  - Tunisia: 23.0 22.5 24.2 25.9 27.8 28.4

- Table 13–14. Non-Oil Balances and Non-Oil Revenue (Percent of non-oil GDP)
  - MENAP oil exporters: Non-Oil Fiscal Balance = -37.2 -31.5 -29.1 -32.1 -31.6 -29.5
  - MENAP oil exporters: Non-Oil Revenue = 12.6 14.4 14.7 14.6 16.0 15.8
  - GCC (aggregate) Non-Oil Fiscal Balance: -43.9 -37.2 -34.2 -37.6 -35.8 -33.9

- Table 15. General Government Total Expenditure and Net Lending (Percent of GDP)
  - MENAP: 29.7 32.7 30.7 30.2 32.1 31.2
  - MENAP oil exporters: 30.8 35.3 32.2 31.4 34.0 32.9
  - Libya: 62.3 145.1 94.8 77.7 92.3 90.2
  - Pakistan: 18.7 19.9 21.3 21.8 22.2 23.3

- Table 16. Total Government Gross Debt (Percent of GDP)
  - MENAP: 37.1 47.4 47.0 45.0 47.5 47.6
  - MENAP oil exporters: 25.0 31.7 32.9 31.2 34.0 33.8
  - MENAP oil importers: 73.4 83.7 84.8 85.5 87.0 87.0
  - Egypt: 82.1 96.8 103.2 92.6 86.9 84.6
  - Lebanon: ... 146.1 149.0 150.9 157.8 162.7
  - Sudan: 88.7 99.9 122.0 163.2 177.9 182.4

- Table 17. Total Government Net Debt (Percent of GDP)
  - MENAP: 18.7 32.6 33.7 35.3 40.6 42.8
  - MENAP oil exporters: -2.9 3.3 8.4 12.7 19.4 21.9
  - MENAP oil importers: 66.0 78.1 78.9 78.1 80.1 80.8
  - Lebanon: ... 140.4 143.4 146.7 153.8 158.8
  - GCC: 2.8 -18.2 -8.0 0.0 9.0 14.5

### External sector and reserves (select highlights from Tables 18–24)
- Table 18. Exports of Goods and Services (Billions of U.S. dollars)
  - MENAP total exports: 939.5 1,080.2 1,214.8 1,379.3 1,306.3 1,346.3
  - MENAP oil exporters: 799.6 925.1 1,050.0 1,192.6 1,106.4 1,133.2
  - Saudi Arabia: 228.4 200.8 239.2 311.5 281.5 283.8
  - United Arab Emirates: 207.3 360.6 379.0 375.3 379.5 387.0
  - Egypt: 35.5 34.8 37.1 47.3 55.0 59.3

- Table 19. Imports of Goods and Services (Billions of U.S. dollars)
  - MENAP: Average 2000–15 = 753.9; 2016 = 1,153.5; 2017 = 1,206.8; 2018 = 1,260.7; 2019 = 1,292.8; 2020 = 1,321.7
  - MENAP oil exporters: Average = 562.1; 2016 = 892.7; 2017 = 925.3; 2018 = 956.4; 2019 = 981.4; 2020 = 999.8
  - Saudi Arabia: 142.6; 198.1; 202.0; 219.8; 228.8; 236.1
  - United Arab Emirates: 168.5; 310.4; 314.1; 306.9; 312.8; 321.3
  - Egypt: 46.2; 66.9; 68.8; 73.5; 78.7; 81.6

- Table 20–21. Current Account Balances
  - Table 20 (Billions of U.S. dollars):
    - MENAP aggregate: Average 2000–15 = 175.2; 2016 = -119.4; 2017 = -20.3; 2018 = 79.3; 2019 = -31.5; 2020 = -25.6
    - MENAP oil exporters: 195.2; -66.8; 38.1; 137.1; 23.4; 26.0
    - MENAP oil importers: -20.1; -52.6; -58.3; -57.8; -54.9; -51.6
  - Table 21 (Percent of GDP):
    - MENAP: Average 2000–15 = 8.2; 2016 = -3.9; 2017 = -0.6; 2018 = 2.3; 2019 = -0.9; 2020 = -0.7
    - MENAP oil exporters: 11.6; -3.1; 1.6; 5.3; 0.9; 1.0
    - MENAP oil importers: -2.2; -5.6; -6.7; -6.5; -6.1; -5.3

- Table 22. Gross Official Reserves (Billions of U.S. dollars)
  - MENAP: 794.7; 1,180.3; 1,130.2; 1,146.7; 1,148.6; 1,123.4
  - MENAP oil exporters: 708.1; 1,048.8; 984.9; 1,001.9; 999.9; 979.1
  - Saudi Arabia (note): 344.0; 533.6; 493.8; 494.1; 495.7; 484.4
  - Egypt: 21.2; 17.1; 30.7; 43.5; 44.8; 45.3
  - Pakistan: 8.6; 18.1; 16.1; 9.8; 10.0; 2.1

- Table 23. Total Gross External Debt (Percent of GDP)
  - MENAP: 30.5; 39.4; 42.3; 42.2; 44.4; 43.6
  - MENAP oil importers: 40.4; 40.1; 49.3; 51.7; 55.5; 53.5
  - Bahrain: 113.3; 183.6; 181.2; 184.7; 189.9; 188.5
  - Lebanon (includes nonresident deposits): ...; 182.0; 183.1; 184.7; 191.3; 199.4

- Table 24. Gross Official Reserves (Months of Imports)
  - MENAP: 9.8; 11.1; 10.1; 10.1; 9.8; 9.3 (Average 2000–15; 2016; 2017; 2018; 2019; 2020)
  - MENAP oil exporters: 11.1; 12.8; 11.5; 11.3; 11.1; 10.6
  - MENAP oil importers: 5.5; 5.7; 5.8; 5.7; 5.6; 5.2
  - Algeria: 27.0; 22.5; 19.3; 15.0; 11.5; 8.3
  - Egypt: 5.8; 3.0; 5.0; 6.6; 6.6; 6.4

### Banking sector indicators (Tables 25–27)
- Table 25. Capital Adequacy Ratios (Percent of risk-weighted assets), select observations:
  - Bahrain (Conventional retail banks only): Dec-15 = 1.4; Dec-16 = 1.5; Dec-17 = 1.5; Mar-18 = 0.4; Jun-18 = 0.8; Sep-18 = 1.1; Dec-18 = 1.5
  - Georgia (cumulative and annualized): Dec-15 = 2.7; Dec-16 = 3.1; Dec-17 = 3.1; Mar-18 = 3.0; Jun-18 = 2.4; Sep-18 = 2.7; Dec-18 = 3.0
  - Tajikistan (Tier I capital percent of risk-weighted assets): Dec-15 = -0.6; Dec-16 = -2.8; Dec-17 = 0.4; Mar-18 = 1.4; Jun-18 = 1.4; Sep-18 = 2.0; Dec-18 = 1.9
  - West Bank and Gaza (not IMF member): consistent series = 1.5 across reported dates

- Table 26. Return on Assets (Pre-tax, percent), select observations:
  - Bahrain: Dec-15 = 3.9; Dec-16 = 5.3; Dec-17 = 5.5; Mar-18 = 5.9; Jun-18 = 5.8; Sep-18 = 5.8; Dec-18 = 5.5
  - United Arab Emirates (national banks only): Dec-15 = 6.1; Dec-16 = 6.0; Dec-17 = 6.4; Mar-18 = 6.9; Jun-18 = 7.0; Sep-18 = 6.8; Dec-18 = 6.7
  - Tajikistan (overdue by 30 days or more): Dec-15 = 29.9; Dec-16 = 54.0; Dec-17 = 36.5; Mar-18 = 34.3; Jun-18 = 32.6; Sep-18 = 32.4; Dec-18 = 31.1
  - West Bank and Gaza: Dec-15 = 2.1; Dec-16 = 2.2; Dec-17 = 2.3; Mar-18 = 2.3; Jun-18 = 2.8; Sep-18 = 3.1; Dec-18 = 3.0

- Table 27. Nonperforming Loans (90-day basis, percent of total loans): table title present; detailed country-level series follow in source.
- Notes on banking tables:
  - Footnotes specify coverage differences (e.g., conventional retail banks only; central bank only; after tax; definitions of NPLs; tier definitions).
  - Several country series are partial or use alternate definitions as noted in source footnotes.

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

### Section 1

### Statistical Appendix — Section 1

### Scope, coverage, and key assumptions
- 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).
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.
- Projections are working hypotheses based on policies being maintained and statistical information available through early March 2019.
- Oil price assumptions: US$54.09 a barrel in 2019 and US$55.16 a barrel in 2020.
- LIBOR assumption: six-month London interbank offered rate (LIBOR) on U.S.-dollar deposits averaging 3.3 percent in 2019 and 3.9 percent in 2020.
- All data for Syria are excluded for 2011 onward.
- Calendar year basis except: Afghanistan (March 21–March 20 until 2011, and December 21–December 20 thereafter), Iran (March 21–March 20), Qatar (April–March), and Egypt and Pakistan (July–June) except inflation.
- Tables 7 and 8: calendar year for all aggregates and countries except Iran, which uses the Iranian calendar year (beginning on March 21).
- In Tables 3, 6, 13, and 14, “oil” includes gas.
- Averages: arithmetically weighted for all aggregates except consumer price index, for which geometric averages are used.

### Conventions and data construction
- Ellipsis points (. . .) indicate “not available”; 0 or 0.0 indicates “zero” or “negligible.”
- REO aggregates construction highlights:
  - Domestic economy composites (Tables 1, 3, 7–8) weighted by GDP at purchasing power parities (PPPs) as a share of total MCD or group GDP.
  - Broad money growth composites (Table 9) weighted by GDP converted to U.S. dollars at market exchange rates (GDP and exchange rates averaged over preceding three years).
  - Fiscal aggregates (Tables 10–17) are sums of individual country data converted to U.S. dollars at average market exchange rates, presented in percent of aggregate GDP in U.S. dollars.
  - External economy composites in nominal terms (Tables 18–20 and 22) are sums of individual country data; percent-of-GDP external composites (Tables 21 and 23) use GDP in U.S. dollars as weights.
  - Tables 2, 4, and 5 composites are sums of individual country data.

### Projections: regional summary (select series from Tables 1–9)
- Table 1. Real GDP Growth (Annual change; percent) — select aggregates and countries
  - MENAP: Average 4.6; 2016 5.2; 2017 2.2; 2018 1.8; 2019 1.5; 2020 3.2
  - MENAP oil exporters: Average 4.8; 2016 5.9; 2017 1.3; 2018 0.6; 2019 0.4; 2020 2.8
  - MENAP oil importers: Average 4.3; 2016 3.7; 2017 4.1; 2018 4.2; 2019 3.6; 2020 4.0
  - CCA: Average 7.8; 2016 2.7; 2017 4.9; 2018 4.2; 2019 4.1; 2020 4.1
  - GCC (memorandum): Average 4.8; 2016 2.3; 2017 -0.3; 2018 2.0; 2019 2.1; 2020 2.8
  - Conflict countries (memorandum): Average 8.3; 2016 9.8; 2017 3.1; 2018 1.9; 2019 2.9; 2020 7.7

- Table 2. Nominal GDP (Billions of U.S. dollars) — select aggregates and countries
  - MENAP: Average 2,188.4; 2016 3,081.1; 2017 3,178.3; 2018 3,477.9; 2019 3,511.7; 2020 3,693.7
  - MENAP oil exporters: Average 1,624.1; 2016 2,145.9; 2017 2,313.0; 2018 2,590.4; 2019 2,606.6; 2020 2,728.6
  - MENAP oil importers: Average 564.3; 2016 935.2; 2017 865.3; 2018 887.5; 2019 905.0; 2020 965.1
  - CCA: Average 221.1; 2016 317.1; 2017 332.4; 2018 345.7; 2019 355.4; 2020 386.7
  - GCC (memorandum): 968.6; 2016 1,361.3; 2017 1,463.8; 2018 1,661.2; 2019 1,639.0; 2020 1,711.1

- Table 3. Oil Exporters: Oil and Non-Oil Real GDP Growth (Annual change; percent) — select series
  - Non-Oil GDP, MENAP oil exporters: Average 6.2; 2016 1.6; 2017 2.5; 2018 1.2; 2019 2.1; 2020 2.9
  - Oil GDP, MENAP oil exporters: Average 2.3; 2016 19.2; 2017 -0.9; 2018 -0.9; 2019 -4.1; 2020 6.7
  - CCA oil and gas exporters (Non-Oil GDP): Average 8.3; 2016 1.1; 2017 2.9; 2018 3.9; 2019 3.9; 2020 3.9

- Table 4. Crude Oil and Natural Gas Production (Millions of barrels per day) — select series
  - Crude oil production, MENAP oil exporters: Average 24.22; 2016 28.06; 2017 27.47; 2018 27.69; 2019 27.09; 2020 27.79
  - Crude oil production, Saudi Arabia: Average 8.87; 2016 10.46; 2017 9.95; 2018 10.32; 2019 10.33; 2020 10.41
  - Natural gas production, MENAP oil exporters: Average 9.09; 2016 15.12; 2017 15.68; 2018 15.61; 2019 15.75; 2020 16.11
  - Natural gas production, Qatar: Average 2.10; 2016 4.39; 2017 4.34; 2018 4.45; 2019 4.48; 2020 4.60

- Table 5. Crude Oil and Natural Gas Exports (Millions of barrels per day) — select series
  - Crude oil exports, MENAP oil exporters: Average 17.91; 2016 20.36; 2017 19.76; 2018 19.92; 2019 19.39; 2020 19.97
  - Crude oil exports, Saudi Arabia: Average 6.81; 2016 7.48; 2017 6.97; 2018 7.37; 2019 7.28; 2020 7.24
  - Natural gas exports, MENAP oil exporters: Average 3.53; 2016 4.71; 2017 4.68; 2018 4.70; 2019 4.74; 2020 4.89
  - Natural gas exports, Qatar: Average 1.36; 2016 2.60; 2017 2.56; 2018 2.64; 2019 2.63; 2020 2.63

- Table 6. Breakeven Oil Prices (U.S. dollars per barrel) — select series
  - Fiscal Breakeven Oil Price, MENAP oil exporters (country examples):
    - Algeria: Average 102.6; 2016 102.5; 2017 91.4; 2018 98.9; 2019 116.4; 2020 92.3
    - Iran, I.R. of: Average 55.9; 2016 58.4; 2017 64.8; 2018 113.8; 2019 125.6; 2020 124.4
    - Saudi Arabia: Average 78.0; 2016 96.4; 2017 83.7; 2018 83.9; 2019 85.4; 2020 78.3
  - External Breakeven Oil Price, MENAP oil exporters (country examples):
    - Algeria: Average 72.0; 2016 73.4; 2017 74.3; 2018 79.7; 2019 83.0; 2020 75.0
    - Iran, I.R. of: Average 41.5; 2016 28.3; 2017 33.5; 2018 36.9; 2019 50.2; 2020 52.4
    - Kuwait: Average 34.0; 2016 46.0; 2017 46.0; 2018 58.8; 2019 51.3; 2020 49.6

- Table 7. Consumer Price Inflation (Year average; percent) — select aggregates and countries
  - MENAP: Average 6.5; 2016 5.1; 2017 7.0; 2018 9.6; 2019 9.5; 2020 9.0
  - MENAP oil exporters: Average 6.9; 2016 4.0; 2017 3.6; 2018 9.2; 2019 9.0; 2020 8.8
  - MENAP oil importers: Average 6.0; 2016 7.5; 2017 14.4; 2018 10.4; 2019 10.5; 2020 9.5
  - CCA: Average 8.8; 2016 10.4; 2017 9.1; 2018 8.2; 2019 7.8; 2020 6.4
  - GCC (memorandum): Average 2.7; 2016 2.1; 2017 0.2; 2018 2.1; 2019 0.4; 2020 2.4

- Table 8. Core Consumer Price Inflation (Year average; percent) — select aggregates
  - MENAP (core): Average 8.3; 2016 5.5; 2017 7.5; 2018 10.4; 2019 11.3; 2020 9.4
  - MENAP oil exporters (core): Average 10.1; 2016 4.2; 2017 2.9; 2018 12.7; 2019 13.3; 2020 11.3
  - CCA (core): Average 5.9; 2016 4.6; 2017 4.3; 2018 4.2; 2019 3.7; 2020 4.2
  - MENA (core, memorandum): Average 8.1; 2016 5.8; 2017 8.0; 2018 11.5; 2019 12.0; 2020 10.2

- Table 9. Broad Money Growth (Annual change; percent) — select aggregates
  - MENAP: Average 15.9; 2016 7.8; 2017 12.5; 2018 10.6; 2019 12.2; 2020 11.1
  - MENAP oil exporters: Average 17.0; 2016 5.5; 2017 7.9; 2018 7.4; 2019 9.9; 2020 9.3
  - Iran, I.R. of (broad money): Average 26.2; 2016 23.3; 2017 22.1; 2018 34.8; 2019 32.2; 2020 27.3

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

### Section 2

### statistical-appendix - Section 2

### Broad Money and Monetary Aggregates (selected entries)
- Oman: 12.9 1.8 4.2 8.3 4.3 4.3 4.6
- Qatar: 20.8 -4.6 21.3 -6.5 4.3 7.9
- Saudi Arabia: 11.7 0.8 0.2 2.8 2.8 3.5
- United Arab Emirates: 16.5 3.3 4.1 2.5 5.0 6.1
- Yemen: 14.5 13.7 20.8 49.1 59.0 11.9
- MENAP oil importers: 13.1 14.1 24.1 18.1 18.1 16.0
- Egypt: 13.5 18.6 39.3 18.5 18.9 21.3
- Lebanon: 9.8 7.6 4.1 3.6 5.0 6.0
- Sudan: 26.2 28.3 68.8 127.2 138.0 111.8
- Tunisia: 9.9 8.1 11.4 5.6 5.3 6.3
- CCA: 30.9 14.1 10.4 10.0 11.8 9.1
- CCA oil and gas exporters: 32.0 13.2 9.6 9.9 11.9 8.7
- Azerbaijan: 29.9 -1.9 9.0 11.6 6.1 5.1
- Kazakhstan: 30.9 15.6 -1.7 7.0 7.5 6.6
- Uzbekistan: 37.4 23.5 40.3 14.4 27.9 16.3
- CCA oil and gas importers: 24.9 21.8 17.5 10.2 10.8 11.2
- Memorandum — MENA: 16.0 7.3 12.5 10.7 12.3 11.3
- Memorandum — GCC: 13.5 1.1 4.3 2.0 3.9 5.0
- Conflict countries aggregate: 14.8 8.1 5.7 8.7 10.1 6.9

### Table 10 — Central Government Net Lending/Borrowing (Percent of GDP)
- MENAP: 2.1 -9.0 -5.2 -3.0 -4.5 -3.6
- MENAP oil exporters: 4.5 -9.5 -4.5 -1.6 -3.7 -2.5
- Algeria: 2.2 -13.0 -6.6 -5.2 -6.5 -2.6
- Bahrain: -2.0 -17.6 -14.2 -11.7 -8.4 -7.7
- Iran, I.R. of: 1.6 -2.3 -1.8 -3.9 -4.0 -4.1
- Iraq: -3.9 -14.3 -1.6 6.2 -5.2 -2.0
- Kuwait: 27.0 0.3 6.6 11.3 9.5 7.6
- Oman: 6.5 -21.2 -12.9 -7.7 -9.9 -7.0
- Qatar: 8.9 -9.2 -6.6 2.3 2.3 3.4
- Saudi Arabia: 5.8 -17.2 -9.2 -4.6 -7.9 -5.7
- United Arab Emirates: 0.1 -0.4 0.3 0.1 0.9 0.4
- Yemen: -3.5 -8.4 -4.9 -4.4 -5.1 -5.5
- MENAP oil importers: -5.8 -7.8 -6.9 -7.0 -7.1 -6.9
- Egypt (budget sector): -8.7 -12.5 -10.9 -9.8 -8.5 -6.9
- Jordan: -6.5 -3.7 -3.7 -4.8 -4.0 -3.7
- Lebanon: ... -9.4 -8.6 -11.0 -11.7 -11.0
- Pakistan: -5.0 -5.1 -5.7 -6.4 -7.4 -8.9
- Sudan: -2.2 -4.4 -6.6 -8.5 -8.8 -10.4
- Tunisia: -2.9 -6.1 -5.9 -4.6 -3.7 -2.9
- CCA: 3.1 -4.6 -3.9 1.0 1.6 2.1
- CCA oil and gas exporters: 3.6 -4.5 -3.8 1.3 2.1 2.6
- Armenia: -3.0 -5.6 -4.8 -1.8 -2.5 -2.0
- Kyrgyz Republic: -4.4 -6.6 -4.6 -1.5 -3.6 -3.0
- Memorandum — MENA: 2.7 -9.4 -5.1 -2.7 -4.3 -3.2
- GCC: 6.7 -10.7 -5.4 -1.6 -3.0 -2.0
- Conflict countries (aggregate): ... -13.4 -2.0 5.1 -5.2 -2.4

### Table 11 — General Government Fiscal Balance (Percent of GDP)
- MENAP: 2.9 -9.5 -5.5 -3.1 -4.9 -4.0
- MENAP oil exporters: 5.7 -10.4 -5.1 -1.9 -4.2 -3.1
- Algeria: 1.7 -13.4 -8.6 -6.0 -11.5 -6.4
- Bahrain: -2.0 -17.6 -14.2 -11.7 -8.4 -7.7
- Iran, I.R. of: 1.2 -2.3 -1.4 -4.1 -4.1 -4.2
- Iraq: -3.9 -14.3 -1.6 6.2 -5.2 -2.0
- Kuwait: 27.0 0.3 6.6 11.3 9.5 7.6
- Libya: -2.5 -113.3 -43.0 -7.4 -10.9 -14.9
- Oman: 6.5 -21.2 -12.9 -7.7 -9.9 -7.0
- Qatar: 10.1 -5.4 -2.9 5.3 6.1 6.6
- Saudi Arabia: 5.8 -17.2 -9.2 -4.6 -7.9 -5.7
- United Arab Emirates (consolidated): 6.6 -2.0 -1.6 -1.8 -0.8 -1.7
- Yemen: -3.5 -8.4 -4.9 -4.4 -5.1 -5.5
- MENAP oil importers: -5.6 -7.2 -6.5 -6.7 -6.8 -6.5
- Egypt: -8.2 -12.0 -10.6 -9.6 -8.6 -6.7
- Jordan: -6.3 -3.6 -3.3 -4.6 -4.0 -3.7
- Lebanon: ... -9.4 -8.6 -11.0 -11.7 -11.0
- Pakistan: -4.7 -4.4 -5.8 -6.5 -7.2 -8.7
- Sudan: -1.2 -1.7 -1.5 -3.1 -2.9 -2.5
- Tunisia: -3.2 -6.2 -5.9 -4.6 -3.7 -2.9
- CCA: 1.9 -3.5 -3.8 0.4 0.5 0.8
- CCA oil and gas exporters: 2.7 -3.2 -3.7 0.8 1.0 1.3
- Azerbaijan: 6.3 -1.1 -1.4 4.0 4.4 5.9
- Kazakhstan: 2.5 -5.4 -4.5 0.5 1.4 1.7
- Uzbekistan: -1.1 -0.5 -3.7 -1.6 -2.7 -2.4
- Memorandum — MENA: 3.6 -10.0 -5.5 -2.8 -4.7 -3.6
- GCC: 8.6 -10.7 -5.5 -1.7 -3.1 -2.2
- West Bank and Gaza: -20.8 -8.0 -8.1 -7.5 -11.0 -11.1
- Conflict countries (aggregate): 0.2 -21.8 -7.0 3.3 -6.1 -4.3

### Table 12 — General Government Total Revenue, Excluding Grants (Percent of GDP)
- MENAP: 32.0 23.4 25.2 27.5 27.7 27.7
- MENAP oil exporters: 36.0 25.6 27.5 30.5 30.7 30.7
- Algeria: 37.8 28.6 32.5 33.3 29.9 29.4
- Bahrain: 25.3 15.5 16.5 19.6 19.3 19.4
- Iran, I.R. of: 19.9 17.3 17.5 14.2 13.4 13.6
- Iraq: 45.0 27.6 33.4 39.6 39.4 39.4
- Kuwait: 66.1 54.1 58.4 58.4 59.9 58.2
- Libya: 59.7 31.7 51.8 70.3 81.4 75.3
- Oman: 45.2 28.8 31.3 34.9 33.0 34.1
- Qatar: 40.5 34.8 30.5 34.7 35.9 34.9
- Saudi Arabia: 39.2 21.5 24.1 30.5 31.3 32.5
- United Arab Emirates: 31.6 28.9 28.8 28.4 30.5 28.9
- Yemen: 28.5 7.5 3.5 3.8 3.3 4.9
- MENAP oil importers: 19.9 18.3 18.9 18.9 19.1 19.1
- Afghanistan, Rep. of: 7.7 10.7 12.2 13.4 12.6 12.7
- Egypt: 23.7 20.1 21.3 20.6 20.2 19.7
- Jordan: 24.5 22.2 23.2 23.0 24.5 24.9
- Lebanon: ... 19.4 21.8 20.6 21.7 23.3
- Morocco: 25.7 25.1 25.5 25.7 25.8 26.0
- Pakistan: 13.4 15.3 15.4 15.2 14.8 14.4
- Tunisia: 23.0 22.5 24.2 25.9 27.8 28.4
- CCA: 27.4 22.0 23.4 24.1 24.3 24.3
- CCA oil and gas exporters: 28.2 21.4 23.0 23.9 24.0 24.0
- Kazakhstan: 25.0 16.1 20.3 20.4 21.2 21.7
- Memorandum — MENA: 33.6 24.3 26.3 28.9 28.9 28.9
- Memorandum — GCC: 40.2 27.7 29.0 32.8 33.8 33.7

### Table 13 — Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP)
- MENAP oil exporters: -37.2 -31.5 -29.1 -32.1 -31.6 -29.5
- Algeria: -38.0 -27.8 -25.2 -25.2 -29.2 -22.0
- Bahrain: -28.6 -33.2 -30.6 -32.5 -25.5 -24.1
- Iran, I.R. of: -13.8 -9.2 -8.8 -9.0 -7.2 -7.3
- Iraq: -68.9 -46.1 -41.7 -46.6 -58.1 -52.0
- Kuwait: -56.3 -60.0 -56.4 -60.3 -60.0 -58.6
- Oman: -55.0 -49.5 -45.5 -48.8 -44.2 -42.0
- Qatar: -55.3 -42.0 -34.5 -32.8 -31.8 -28.0
- Saudi Arabia: -51.2 -41.7 -37.0 -38.5 -39.8 -36.8
- United Arab Emirates: -22.7 -18.1 -20.3 -29.0 -22.2 -23.1
- CCA oil and gas exporters: -9.1 -13.4 -15.4 -12.7 -11.5 -11.0
- GCC (aggregate): -43.9 -37.2 -34.2 -37.6 -35.8 -33.9
- Non-GCC oil exporters: -26.9 -21.3 -19.9 -21.8 -24.0 -21.7
- MENAP oil exporters, excluding conflict countries: -35.9 -30.5 -28.2 -31.0 -29.3 -27.5

### Table 14 — Oil Exporters: General Government Non-Oil Revenue (Percent of non-oil GDP)
- MENAP oil exporters: 12.6 14.4 14.7 14.6 16.0 15.8
- Algeria: 18.2 23.0 25.9 25.9 22.5 22.3
- Bahrain: 6.3 4.0 4.5 4.2 6.2 6.7
- Iran, I.R. of: 9.4 13.1 13.1 12.2 12.1 12.1
- Iraq: 5.5 6.2 7.0 5.2 5.1 5.0
- Kuwait: 34.0 31.2 37.2 35.3 34.2 34.4
- Oman: 14.2 11.5 12.4 12.2 12.4 13.2
- Qatar: 11.4 15.1 14.9 14.0 13.9 14.4
- Saudi Arabia: 9.5 10.3 10.2 14.9 16.9 17.8
- United Arab Emirates: 13.9 20.2 18.8 12.4 19.0 16.7
- CCA oil and gas exporters: 20.8 13.5 16.8 16.6 16.6 16.5
- Kazakhstan: 21.5 14.5 17.7 17.7 18.1 18.0
- Memorandum — GCC: 13.7 15.0 15.2 15.5 18.1 18.0
- Non-GCC oil exporters: 11.0 13.3 13.9 12.8 12.1 12.0

### Table 15 — General Government Total Expenditure and Net Lending (Percent of GDP)
- MENAP: 29.7 32.7 30.7 30.2 32.1 31.2
- MENAP oil exporters: 30.8 35.3 32.2 31.4 34.0 32.9
- Algeria: 36.1 42.0 41.1 39.3 41.3 35.8
- Bahrain: 23.2 13.4 13.8 15.9 17.3 17.5
- Iran, I.R. of: 19.5 17.3 17.9 14.0 13.3 13.5
- Iraq: 53.2 41.8 35.0 33.4 44.6 41.4
- Kuwait: 39.1 53.8 51.8 47.1 50.4 50.6
- Libya: 62.3 145.1 94.8 77.7 92.3 90.2
- Oman: 40.0 50.4 44.9 43.0 43.1 41.6
- Qatar: 30.4 40.1 33.5 29.4 29.8 28.3
- Saudi Arabia: 33.4 38.7 33.3 35.1 39.2 38.1
- United Arab Emirates: 25.0 30.9 30.4 30.2 31.4 30.6
- Yemen: 33.0 15.9 8.3 8.3 8.4 11.2
- MENAP oil importers: 26.5 26.5 26.5 26.5 26.6 26.1
- Djibouti: 32.2 33.6 32.2 30.2 28.9 28.2
- Egypt: 33.3 32.3 32.3 30.2 28.8 26.4
- Jordan: 39.2 28.9 29.4 30.8 30.4 30.4
- Morocco: 30.2 30.5 30.0 29.8 29.7 29.4
- Pakistan: 18.7 19.9 21.3 21.8 22.2 23.3
- Tunisia: 26.5 28.9 30.3 30.7 31.7 31.5
- CCA: 25.8 24.8 26.3 23.0 23.1 22.8
- CCA oil and gas exporters: 26.1 23.6 25.5 22.1 21.9 21.7
- Azerbaijan: 28.7 35.4 35.7 34.2 34.4 31.9
- Kazakhstan: 22.3 21.5 24.7 19.8 19.8 20.0
- Memorandum — MENA: 30.6 33.9 31.7 31.0 33.0 31.9
- GCC: 31.6 38.0 34.2 34.2 36.7 35.7
- Conflict countries (aggregate): 42.8 46.9 39.4 37.6 48.3 46.0

### Table 16 — Total Government Gross Debt (Percent of GDP)
- MENAP: 37.1 47.4 47.0 45.0 47.5 47.6
- MENAP oil exporters: 25.0 31.7 32.9 31.2 34.0 33.8
- Algeria: 23.8 20.4 27.5 36.9 46.9 48.9
- Bahrain: 30.6 81.3 88.2 93.4 100.2 103.6
- Iran, I.R. of: 14.4 47.5 39.5 33.2 30.0 27.3
- Iraq: 103.7 66.1 59.6 48.4 50.2 47.4
- Kuwait: 12.8 10.0 20.7 14.8 17.8 21.0
- Libya: 29.8 189.7 140.8 102.5 104.8 111.6
- Oman: 11.8 32.5 46.9 50.9 61.3 63.1
- Qatar: 31.2 46.7 49.8 48.4 52.7 45.9
- Saudi Arabia: 34.6 13.1 17.2 19.1 23.7 25.4
- United Arab Emirates: 11.5 20.2 19.7 18.7 19.2 19.0
- Yemen: 49.2 68.0 76.4 63.3 54.7 42.8
- MENAP oil importers: 73.4 83.7 84.8 85.5 87.0 87.0
- Egypt: 82.1 96.8 103.2 92.6 86.9 84.6
- Jordan: 83.1 93.8 94.3 94.2 94.8 95.0
- Lebanon: ... 146.1 149.0 150.9 157.8 162.7
- Mauritania: 112.4 78.5 76.8 83.3 80.6 82.0
- Morocco: 57.7 64.9 65.1 65.2 65.1 64.3
- Pakistan: 63.9 67.6 67.0 72.1 77.0 79.1
- Sudan: 88.7 99.9 122.0 163.2 177.9 182.4
- Tunisia: 49.7 62.3 70.3 77.0 81.5 82.2
- CCA: 16.2 21.7 25.8 26.1 25.7 25.0
- CCA oil and gas exporters: 12.5 18.2 22.4 22.8 22.3 21.6
- Azerbaijan: 10.9 20.6 22.6 19.4 17.6 15.0
- Kazakhstan: 11.7 19.7 20.3 21.9 20.9 20.0
- CCA oil and gas importers: 46.3 47.3 49.4 48.3 48.6 48.2
- Memorandum — MENA: 34.7 45.6 45.1 42.5 45.2 45.1
- Memorandum — GCC: 24.9 21.0 25.0 25.3 29.1 29.5
- Conflict countries (aggregate): 63.8 76.8 71.3 57.7 58.9 56.8
- MENAP, excluding conflict countries: 34.6 45.1 44.9 43.8 46.5 46.7

### Table 17 — MENAP: Total Government Net Debt (Percent of GDP)
- MENAP: 18.7 32.6 33.7 35.3 40.6 42.8
- MENAP oil exporters: -2.9 3.3 8.4 12.7 19.4 21.9
- Algeria: -11.3 13.3 21.8 31.7 41.5 43.7
- Iran, I.R. of: 2.1 34.5 28.8 27.2 27.6 26.7
- Libya: -79.0 -44.9 -4.8 4.0 14.8 6.7
- Oman: -23.4 -28.5 -10.8 0.9 10.8 17.0
- Saudi Arabia: 5.4 -17.1 -7.7 -0.1 8.8 14.2
- Yemen: 44.6 67.1 75.5 62.2 54.2 42.4
- MENAP oil importers: 66.0 78.1 78.9 78.1 80.1 80.8
- Djibouti: 52.2 64.8 66.4 65.0 60.8 56.7
- Egypt: 63.4 88.2 93.9 81.3 77.6 76.7
- Jordan: 74.1 86.5 88.0 89.5 90.3 90.7
- Lebanon: ... 140.4 143.4 146.7 153.8 158.8
- Mauritania: 111.4 77.3 75.3 82.6 79.3 80.8
- Morocco: 56.4 64.4 64.7 64.9 64.9 64.0
- Pakistan: 58.8 61.3 61.4 67.2 72.7 75.3
- Tunisia: ... 60.4 67.7 74.3 79.7 81.0
- Memorandum — MENA: 14.3 28.4 29.3 30.5 36.4 38.6
- GCC: 2.8 -18.2 -8.0 0.0 9.0 14.5
- MENAP oil exporters, excluding conflict countries: -0.8 2.5 7.4 12.0 18.9 22.0
- MENAP, excluding conflict countries: 20.5 32.8 33.7 35.5 40.9 43.6

### Table 18 — Exports of Goods and Services (Billions of U.S. dollars)
- MENAP total exports: 939.5 1,080.2 1,214.8 1,379.3 1,306.3 1,346.3
- MENAP oil exporters: 799.6 925.1 1,050.0 1,192.6 1,106.4 1,133.2
- Algeria: 50.3 32.5 37.7 44.6 40.5 41.0
- Bahrain: 20.0 23.8 26.7 30.2 29.8 30.8
- Iran, I.R. of: 80.6 94.4 109.6 105.9 74.8 72.3
- Iraq: 58.4 56.0 74.4 98.7 88.5 97.6
- Kuwait: 67.3 52.1 60.2 77.0 70.2 72.1
- Oman: 31.1 31.1 36.9 46.5 44.2 48.1
- Qatar: 63.9 72.5 85.2 101.6 96.3 95.7
- Saudi Arabia: 228.4 200.8 239.2 311.5 281.5 283.8
- United Arab Emirates: 207.3 360.6 379.0 375.3 379.5 387.0
- Yemen: 6.9 1.1 1.0 1.3 1.2 4.7
- MENAP oil importers: 139.9 155.2 164.8 186.8 199.9 213.1
- Egypt: 35.5 34.8 37.1 47.3 55.0 59.3
- Jordan: 9.7 13.6 14.3 15.1 16.1 17.2
- Lebanon: 16.1 19.1 19.2 20.8 21.7 22.9
- Morocco: 21.9 34.2 38.8 43.8 45.8 49.0
- Pakistan: 21.5 27.4 27.5 30.1 31.1 33.2
- Sudan: 6.1 4.6 5.6 5.6 5.0 4.9

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

### Section 3

### statistical-appendix - Section 3

### Table 19. Imports of Goods and Services (Billions of U.S. dollars)
- MENAP: Average 2000–15 = 753.9; 2016 = 1,153.5; 2017 = 1,206.8; 2018 = 1,260.7; 2019 = 1,292.8; 2020 = 1,321.7
- MENAP oil exporters: Average = 562.1; 2016 = 892.7; 2017 = 925.3; 2018 = 956.4; 2019 = 981.4; 2020 = 999.8
- Selected country examples (2000–15 average; 2016; 2017; 2018; 2019; 2020):
  - Algeria: 39.4; 60.2; 60.2; 59.8; 63.1; 58.2
  - Saudi Arabia: 142.6; 198.1; 202.0; 219.8; 228.8; 236.1
  - United Arab Emirates: 168.5; 310.4; 314.1; 306.9; 312.8; 321.3
  - Egypt: 46.2; 66.9; 68.8; 73.5; 78.7; 81.6
  - Pakistan: 32.8; 50.1; 58.5; 66.9; 65.4; 66.4
- CCA aggregate: 77.4; 105.5; 111.0; 120.2; 126.8; 132.1
- Memoranda:
  - MENA: 716.6; 1,095.9; 1,140.1; 1,185.4; 1,218.7; 1,246.6
  - GCC: 408.4; 676.9; 694.6; 716.1; 734.7; 757.7
  - West Bank and Gaza: 4.6; 7.6; 8.1; 8.6; 8.4; 8.5
- Sources: National authorities; and IMF staff estimates and projections.

### Table 20. Current Account Balance (Billions of U.S. dollars)
- MENAP aggregate: Average 2000–15 = 175.2; 2016 = -119.4; 2017 = -20.3; 2018 = 79.3; 2019 = -31.5; 2020 = -25.6
- MENAP oil exporters: 195.2; -66.8; 38.1; 137.1; 23.4; 26.0
- MENAP oil importers: -20.1; -52.6; -58.3; -57.8; -54.9; -51.6
- Selected country examples:
  - Algeria: 10.3; -26.5; -22.1; -16.4; -23.0; -17.9
  - Saudi Arabia: 68.4; -23.9; 9.7; 65.2; 27.0; 21.9
  - United Arab Emirates: 27.2; 13.2; 26.5; 28.0; 25.4; 23.0
  - Egypt: -2.1; -19.8; -14.4; -6.0; -7.1; -5.7
  - Tunisia: -2.2; -3.9; -4.1; -4.5; -3.7; -3.2
- CCA aggregate: 4.5; -20.6; -8.9; 1.6; -1.9; -0.5
- Memoranda:
  - MENA: 175.8; -115.9; -8.6; 97.3; -17.2; -13.3
  - GCC: 157.0; -37.8; 37.3; 122.0; 63.2; 58.8
  - West Bank and Gaza: -1.3; -1.9; -1.6; -1.9; -1.6; -1.6
- Sources: National authorities; and IMF staff estimates and projections.

### Table 21. Current Account Balance (Percent of GDP)
- MENAP: Average 2000–15 = 8.2; 2016 = -3.9; 2017 = -0.6; 2018 = 2.3; 2019 = -0.9; 2020 = -0.7
- MENAP oil exporters: 11.6; -3.1; 1.6; 5.3; 0.9; 1.0
- MENAP oil importers: -2.2; -5.6; -6.7; -6.5; -6.1; -5.3
- Selected country examples:
  - Algeria: 9.7; -16.5; -13.2; -9.1; -12.5; -9.3
  - Saudi Arabia: 14.8; -3.7; 1.4; 8.3; 3.5; 2.8
  - United Arab Emirates: 10.2; 3.7; 6.9; 6.6; 5.9; 5.1
  - Egypt: -0.3; -6.0; -6.1; -2.4; -2.4; -1.7
  - Tunisia: -5.6; -9.3; -10.2; -11.2; -10.1; -9.1
- CCA: 0.7; -6.5; -2.7; 0.5; -0.5; -0.1
- Memoranda:
  - MENA: 8.8; -4.2; -0.3; 3.1; -0.5; -0.4
  - GCC: 15.3; -2.8; 2.5; 7.3; 3.9; 3.4
  - West Bank and Gaza: -18.2; -14.5; -10.8; -13.2; -10.8; -10.7
- Note: Egypt's percent-of-GDP series differs from the Staff Report for 2017 Article IV consultation due to GDP aggregation methodology.
- Sources: National authorities; and IMF staff estimates and projections.

### Table 22. Gross Official Reserves (Billions of U.S. dollars)
- MENAP: 794.7; 1,180.3; 1,130.2; 1,146.7; 1,148.6; 1,123.4
- MENAP oil exporters: 708.1; 1,048.8; 984.9; 1,001.9; 999.9; 979.1
- Selected country examples:
  - Algeria: 107.0; 112.9; 96.1; 78.6; 55.6; 39.1
  - Saudi Arabia (note): 344.0; 533.6; 493.8; 494.1; 495.7; 484.4
  - United Arab Emirates (central bank only): 39.3; 85.4; 95.4; 99.5; 113.9; 123.4
  - Egypt: 21.2; 17.1; 30.7; 43.5; 44.8; 45.3
  - Pakistan: 8.6; 18.1; 16.1; 9.8; 10.0; 2.1
- CCA: 37.4; 67.6; 72.6; 72.2; 73.9; 77.0
- Memoranda:
  - MENA: 784.3; 1,154.8; 1,105.9; 1,128.6; 1,130.3; 1,112.9
  - GCC: 430.4; 704.6; 656.4; 680.6; 709.1; 705.8
- Sources: National authorities; and IMF staff estimates and projections.

### Table 23. Total Gross External Debt (Percent of GDP)
- MENAP: 30.5; 39.4; 42.3; 42.2; 44.4; 43.6
- MENAP oil exporters: 27.0; 39.1; 39.6; 38.9; 40.6; 40.0
- MENAP oil importers: 40.4; 40.1; 49.3; 51.7; 55.5; 53.5
- Selected country examples:
  - Bahrain: 113.3; 183.6; 181.2; 184.7; 189.9; 188.5
  - Jordan (note): 71.5; 66.3; 69.6; 67.7; 72.1; 75.3
  - Lebanon (includes nonresident deposits): ...; 182.0; 183.1; 184.7; 191.3; 199.4
  - Tunisia (includes bank deposits of nonresidents): 55.5; 66.9; 81.7; 83.1; 98.4; 105.1
  - Kazakhstan: 76.8; 119.0; 102.7; 96.9; 101.8; 96.8
- CCA aggregate: 53.9; 71.4; 71.4; 68.9; 68.9; 65.7
- Memoranda:
  - MENA: 30.2; 40.9; 44.1; 43.6; 45.1; 44.3
  - GCC: 30.6; 55.0; 55.7; 54.3; 57.8; 57.1
- Notes: Nominal GDP converted using period average exchange rate; various country footnotes on coverage.
- Sources: National authorities; and IMF staff estimates and projections.

### Table 24. Gross Official Reserves (Months of Imports)
- MENAP: 9.8; 11.1; 10.1; 10.1; 9.8; 9.3 (Average 2000–15; 2016; 2017; 2018; 2019; 2020)
- MENAP oil exporters: 11.1; 12.8; 11.5; 11.3; 11.1; 10.6
- MENAP oil importers: 5.5; 5.7; 5.8; 5.7; 5.6; 5.2
- Selected country examples (months of imports):
  - Algeria: 27.0; 22.5; 19.3; 15.0; 11.5; 8.3
  - Saudi Arabia (note): 23.0; 31.7; 27.0; 25.9; 25.2; 23.7
  - Egypt: 5.8; 3.0; 5.0; 6.6; 6.6; 6.4
  - Tunisia: 3.5; 3.1; 2.7; 2.6; 3.0; 3.1
  - Uzbekistan: 10.4; 19.2; 15.1; 13.7; 13.4; 13.2
- CCA: 5.2; 8.1; 7.9; 7.6; 7.5; 7.6
- Memoranda:
  - MENA: 10.1; 11.5; 10.5; 10.5; 10.2; 9.7
  - GCC: 10.2; 12.2; 11.0; 11.1; 11.2; 10.9
- Sources: National authorities; and IMF staff estimates and projections.

### Banking Sector Indicators (Tables 25–27)
- Table 25. Capital Adequacy Ratios (Percent of risk-weighted assets), select observations:
  - Bahrain (Conventional retail banks only): Dec-15 = 1.4; Dec-16 = 1.5; Dec-17 = 1.5; Mar-18 = 0.4; Jun-18 = 0.8; Sep-18 = 1.1; Dec-18 = 1.5
  - Georgia (cumulative and annualized): Dec-15 = 2.7; Dec-16 = 3.1; Dec-17 = 3.1; Mar-18 = 3.0; Jun-18 = 2.4; Sep-18 = 2.7; Dec-18 = 3.0
  - Tajikistan (Tier I capital percent of risk-weighted assets): Dec-15 = -0.6; Dec-16 = -2.8; Dec-17 = 0.4; Mar-18 = 1.4; Jun-18 = 1.4; Sep-18 = 2.0; Dec-18 = 1.9
  - West Bank and Gaza (not IMF member): consistent series = 1.5 across reported dates
- Table 26. Return on Assets (Pre-tax, percent), select observations:
  - Bahrain: Dec-15 = 3.9; Dec-16 = 5.3; Dec-17 = 5.5; Mar-18 = 5.9; Jun-18 = 5.8; Sep-18 = 5.8; Dec-18 = 5.5
  - United Arab Emirates (national banks only): Dec-15 = 6.1; Dec-16 = 6.0; Dec-17 = 6.4; Mar-18 = 6.9; Jun-18 = 7.0; Sep-18 = 6.8; Dec-18 = 6.7
  - Tajikistan (overdue by 30 days or more): Dec-15 = 29.9; Dec-16 = 54.0; Dec-17 = 36.5; Mar-18 = 34.3; Jun-18 = 32.6; Sep-18 = 32.4; Dec-18 = 31.1
  - West Bank and Gaza: Dec-15 = 2.1; Dec-16 = 2.2; Dec-17 = 2.3; Mar-18 = 2.3; Jun-18 = 2.8; Sep-18 = 3.1; Dec-18 = 3.0
- Table 27. Nonperforming Loans (90-day basis, percent of total loans): table title present; detailed country-level series follow in source.
- Notes on banking tables:
  - Footnotes specify coverage differences (e.g., conventional retail banks only; central bank only; after tax; definitions of NPLs; tier definitions).
  - Several country series are partial or use alternate definitions as noted in source footnotes.

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

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_Source: https://www.imf.org/-/media/files/publications/reo/mcd-cca/2019/april/english/statistical-appendix.pdf_