## Statistical Appendix

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---

### Coverage and key assumptions
- IMF ME&CA countries and territories (32): Afghanistan, Algeria, Armenia, Azerbaijan, Bahrain, Djibouti, Egypt, Georgia, Islamic Republic of Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syrian Arab Republic, Tajikistan, Tunisia, Turkmenistan, United Arab Emirates, Uzbekistan, West Bank and Gaza, and Yemen.
- Projections for 2023 and 2024 are presented under working hypotheses that:
  - the established policies of national authorities will be maintained;
  - the price of oil will average US$80.49 a barrel in 2023 and US$79.92 a barrel in 2024;
  - the three-month nominal yield on the US Treasury bills will average 5.3 percent in 2023 and 5.4 percent in 2024.
- 2023 and 2024 data are projections based on statistical information available through late September 2023.
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.

### Data omissions, special cases, and timing conventions
- Afghanistan: data for 2021 and 2022 are estimates and reported for selected indicators only; projections are omitted because the IMF has paused engagement with the country.
- Lebanon: projections are omitted due to an unusually high degree of uncertainty.
- Libya: projections do not include the impact of the floods which occurred in September 2023.
- Syrian Arab Republic: all data are omitted and excluded from aggregates from 2011 onward.
- West Bank and Gaza: certain data and projections for 2022–24 are excluded from publication, pending methodological adjustments.
- Calendar year basis applies to all data except:
  - Afghanistan (March 21 to March 20 until 2011, and December 21 to December 20 thereafter),
  - Islamic Republic of Iran (March 21 to March 20),
  - Egypt and Pakistan (July to June).
- In Tables 7 and 8, data are calendar year for all aggregates and countries except Islamic Republic of Iran, for which the Iranian calendar year (beginning on March 21) is used.

### Fiscal and statistical definitions, aggregation methods, and conventions
- General government overall fiscal balance and non-oil fiscal balance in Tables 11 and 13 are updated in line with GFSM 2001 and are calculated as general government net lending/borrowing excluding net acquisition of financial assets: policy lending.
- For Algeria, starting with October 2022 REO, total government expenditure and net lending/borrowing include policy lending by the government (mostly support to the pension system and other public sector entities).
- In Tables 3, 6, 13, and 14, “oil” includes gas.
- In Table 21, total external debt-to-GDP ratio is calculated by converting total external debt into local currency using the end-of-period exchange rate and dividing by nominal GDP in local currency.
- Averages and weights:
  - Arithmetically weighted averages are used for all data aggregates except the consumer price index, for which geometric averages are used.
  - Long-term averages are calculated if data are available for the last ten consecutive years within 2000–19.
- REO aggregates weights and composition:
  - Composites for domestic-economy data (Tables 1, 3, 7, and 8): weighted by GDP at PPPs.
  - Broad money growth (Table 9): weighted by GDP converted to US dollars at market exchange rates (GDP and exchange rates averaged over preceding three years).
  - Fiscal data in percent of GDP (Tables 10–15): weighted by GDP in US dollars as a share of ME&CA or group GDP in US dollars.
  - External-economy composites in nominal terms (Tables 16–18 and 20): sums of individual country data.
  - External-economy composites in percent of GDP (Tables 19 and 21): weighted by GDP in US dollars as a share of ME&CA or group GDP in US dollars.
  - Composites in Tables 2, 4, and 5: sums of individual country data.
- Conventions:
  - Ellipsis points (. . .) indicate “not available”; and 0 or 0.0 indicates “zero” or “negligible.”
  - Minor discrepancies between sums of constituent figures and totals are due to rounding.

### Country groupings used in the tables
- Three nonoverlapping groups:
  - Oil Exporters (OE)
  - Emerging Market and Middle-Income Countries (EM&MI)
  - Low-Income Developing Countries (LIC)
- Example analytical/regional groups:
  - ME&CA OE: Algeria (ALG), Azerbaijan (AZE), Bahrain (BHR), Islamic Republic of Iran (IRN), Iraq (IRQ), Kazakhstan (KAZ), Kuwait (KWT), Libya (LBY), Oman (OMN), Qatar (QAT), Saudi Arabia (SAU), Turkmenistan (TKM), United Arab Emirates (UAE).
  - ME&CA EM&MI: Armenia (ARM), Egypt (EGY), Georgia (GEO), Jordan (JOR), Lebanon (LBN), Morocco (MAR), Pakistan (PAK), Syrian Arab Republic (SYR), Tunisia (TUN), West Bank and Gaza (WBG).
  - ME&CA LIC: Afghanistan (AFG), Djibouti (DJI), Kyrgyz Republic (KGZ), Mauritania (MRT), Somalia (SOM), Sudan (SDN), Tajikistan (TJK), Uzbekistan (UZB), Yemen (YEM).
  - Other subgroups: CCA, MENA, MENAP, Arab World, GCC, North Africa, Fragile and conflict-affected states (FCS).

### Selected projections and key statistics (high-level aggregates and assumptions)
- Assumed external financial parameters:
  - Oil price: US$80.49 a barrel in 2023 and US$79.92 a barrel in 2024.
  - Three-month nominal US Treasury bill yield: 5.3 percent in 2023 and 5.4 percent in 2024.
- Real GDP Growth (Percent change, year over year) — Middle East and Central Asia (Table 1):
  - Average 2000–19: 4.5
  - 2020: -2.6
  - 2021: 4.3
  - 2022: 5.6
  - 2023 (projection): 2.0
  - 2024 (projection): 3.4
- Real GDP Growth — Oil Exporters (Table 1):
  - Average 2000–19: 4.5
  - 2020: -3.7
  - 2021: 4.3
  - 2022: 5.7
  - 2023 (projection): 2.2
  - 2024 (projection): 3.4
- Nominal GDP (Billions of U.S. dollars) — Middle East and Central Asia (Table 2):
  - Average 2000–19: 2764.7
  - 2020: 3412.6
  - 2021: 3995.1
  - 2022: 4750.9
  - 2023 (projection): 4698.2
  - 2024 (projection): 4893.8
- Nominal GDP — Oil Exporters (Table 2):
  - Average 2000–19: 1979.2
  - 2020: 2281.1
  - 2021: 2738.6
  - 2022: 3408.1
  - 2023 (projection): 3431.3
  - 2024 (projection): 3622.9
- Oil exporters — Real Non-Oil GDP Growth (Percent change, year over year) (Table 3, oil exporters aggregate):
  - Average 2000–19: 5.6
  - 2020: -2.9
  - 2021: 4.7
  - 2022: 4.4
  - 2023 (projection): 3.8
  - 2024 (projection): 3.6
- Oil exporters — Real Oil GDP Growth (Percent change, year over year) (Table 3, oil exporters aggregate):
  - Average 2000–19: 2.5
  - 2020: -3.6
  - 2021: 4.4
  - 2022: 8.4
  - 2023 (projection): 0.6
  - 2024 (projection): 3.2
- Crude oil production, Oil exporters aggregate (Millions of barrels per day) (Table 4):
  - Average 2000–19: 26.7
  - 2020: 26.0
  - 2021: 27.1
  - 2022: 29.7
  - 2023 (projection): 28.7
  - 2024 (projection): 29.7
- Natural gas production, Oil exporters aggregate (Millions of barrels of oil equivalent per day) (Table 4):
  - Average 2000–19: 10.9
  - 2020: 16.8
  - 2021: 18.2
  - 2022: 19.0
  - 2023 (projection): 19.7
  - 2024 (projection): 20.2
- Crude oil exports, ME&CA Oil Exporters (Table 5):
  - Average 2000–19: 19.6
  - 2020: 18.8
  - 2021: 19.3
  - 2022: 21.4
  - 2023 (projection): 20.2
  - 2024 (projection): 21.0
- Natural gas exports, ME&CA Oil Exporters (Table 5):
  - Average 2000–19: 4.1
  - 2020: 5.5
  - 2021: 6.1
  - 2022: 6.0
  - 2023 (projection): 6.3
  - 2024 (projection): 6.3

### Notes on data sources and revisions
- Sources: National authorities; and IMF staff estimates and projections.
- Data revisions and projection updates will be made once official data are released.
- Footnotes in the tables note specific methodological points for Iran and Qatar and indicate where staff estimates are used to harmonize base years.

---

### Breakeven oil prices and inflation (Section 2 highlights)
- Breakeven Oil Prices (US dollars per barrel) — definitions:
  - "The oil price at which the fiscal balance is zero."
  - "The oil price at which the current account balance is zero."
  - "Kuwait's fiscal breakeven oil price is calculated using the fiscal balance before the 10 percent revenue transfer to the Future Generations Fund and includes investment income."
- Regional breakeven price projections:
  - Middle East and Central Asia — 2024: 15.2
  - Oil Exporters — 2024: 9.3
- Consumer Price Inflation (Percent change, year over year) — regional projections:
  - Middle East and Central Asia — 2024: 15.2
  - Oil Exporters — 2024: 11.4
- Selected country inflation projections (where reported):
  - Iran — 2024: 31.3
  - Egypt — 2024: 29.9
  - Pakistan — 2024: 18.8
  - Tunisia — 2024: 11.3
  - Sudan — 2024: 26.2
- Core Consumer Price Inflation (Percent change, year over year) — regional projections:
  - Middle East and Central Asia — 2024: 14.1
  - Oil Exporters — 2024: 11.0
- Selected country core inflation projections (where reported):
  - Iran — 2024: 29.7
  - Egypt — 2024: 31.2
  - Uzbekistan — 2024: 20.5
  - Sudan — 2024: 110.1
- Broad Money Growth (Percent change, year over year) — regional projections:
  - Middle East and Central Asia — 2024: -2.6
  - Oil Exporters — 2024: -1.0
  - Emerging Market and Middle-Income Countries — 2024: -8.0
  - MENA — 2024: -2.2
- Selected country broad money growth projections:
  - Algeria — 2024: -12.0
  - Kuwait — 2024: 9.5
  - Saudi Arabia — 2024: 0.3
  - United Arab Emirates — 2024: 0.0
- Notes on broad money:
  - "Broad money is defined to include nonresident deposits (M5)."
  - "Broad money includes currency, demand deposits, quasi money, and long-term deposits."

### Fiscal projections (Section 2 highlights)
- Central Government Net Lending/Borrowing (Percent of GDP) — regional projections:
  - Middle East and Central Asia — 2024: -1.8
  - Oil Exporters — 2024: 0.0
  - Emerging Market and Middle-Income Countries — 2024: -7.6
  - MENA — 2024: -1.3
- Selected country central government net lending/borrowing projections:
  - Kuwait — 2024: 9.5
  - Libya — 2024: 9.3
  - Qatar — 2024: 10.1
  - Saudi Arabia — 2024: 0.3
- General Government Fiscal Balance (Percent of GDP) — regional projections:
  - Middle East and Central Asia — 2024: -1.8
  - Oil Exporters — 2024: 0.1
  - Emerging Market and Middle-Income Countries — 2024: -7.6
  - MENA — 2024: -1.3
- Selected country general government fiscal balance projections:
  - Kuwait — 2024: 9.5
  - Libya — 2024: 9.3
  - Qatar — 2024: 4.4
  - Saudi Arabia — 2024: 0.3
- General Government Total Revenue, Excluding Grants (Percent of GDP) — regional projections:
  - Middle East and Central Asia — 2024: 26.8
  - Oil Exporters — 2024: 29.3
  - Emerging Market and Middle-Income Countries — 2024: 18.9
  - MENA — 2024: 28.7
- Selected country revenue projections:
  - Kuwait — 2024: 59.7
  - Libya — 2024: 71.0
  - Saudi Arabia — 2024: 29.5
  - United Arab Emirates — 2024: 31.1
- Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP) — projections:
  - ME&CA Oil Exporters — 2024: -28.7
  - CCA oil and gas exporters — 2024: -10.0
  - MENA oil exporters — 2024: -31.4
- Selected country non-oil fiscal balance projections:
  - Algeria — 2024: -34.8
  - Kuwait — 2024: -50.5
  - Oman — 2024: -28.5
  - Saudi Arabia — 2024: -26.7
  - United Arab Emirates — 2024: -14.8

---

### Fiscal structure, debt, trade, and reserves (Section 3 highlights)
- General Government Non-Oil Revenue (Percent of non-oil GDP) — ME&CA Oil Exporters (Table 14):
  - ME&CA Oil Exporters: 13.5 16.6 16.6 16.3 17.1 16.7 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Algeria: 19.4 23.4 23.2 20.0 20.6 19.6
  - Azerbaijan: 27.4 25.4 27.2 26.9 24.7 24.7
  - Bahrain: 6.8 9.4 10.1 10.2 10.6 10.2
  - Iran: 9.9 7.1 7.2 7.5 7.6 7.7
  - Iraq: 5.5 4.0 8.0 4.3 6.9 7.0
  - Kazakhstan: 20.4 18.1 16.0 17.1 19.6 19.4
  - Kuwait: 28.2 28.2 29.5 29.4 30.5 27.5
  - Libya: 16.9 29.5 5.6 8.2 8.7 7.3
  - Oman: 10.6 9.8 10.7 13.1 13.3 13.0
  - Qatar: 16.7 14.9 15.5 15.1 14.4 14.5
  - Saudi Arabia: 10.1 18.2 18.9 18.1 18.9 18.9
  - Turkmenistan: 9.4 8.8 8.9 9.3 8.9 8.7
  - United Arab Emirates: 14.1 19.2 19.0 20.4 21.5 20.7
  - CCA oil and gas exporters: 21.3 17.4 16.5 17.6 18.5 18.2
  - MENA oil exporters: 12.9 16.5 16.6 16.2 16.9 16.5
  - Memorandum groups:
    - Arab World oil exporters: 13.8 17.5 17.9 17.3 18.2 17.7
    - GCC: 13.6 18.2 18.8 18.8 19.4 19.0
    - MENA oil exporters excl. conflict-affected states and Iran: 14.4 19.0 18.9 18.9 19.4 18.9
- Total Government Gross Debt (Percent of GDP) (Table 15):
  - Middle East and Central Asia: 37.6 56.7 52.6 45.4 44.6 42.1 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters: 26.3 42.9 38.4 30.9 30.8 30.5
  - Algeria: 25.3 52.0 62.8 55.6 55.1 58.8
  - Azerbaijan: 10.5 21.3 26.3 17.3 18.2 18.0
  - Bahrain: 42.8 130.1 127.1 117.6 121.2 119.0
  - Iran: 24.8 48.3 42.4 34.1 30.6 30.5
  - Iraq: 91.5 78.7 59.2 44.9 49.2 54.6
  - Kazakhstan: 13.4 26.4 25.1 23.5 23.4 23.6
  - Kuwait: 13.1 11.7 8.6 3.1 3.4 3.1
  - Oman: 16.0 67.9 61.3 40.0 38.2 34.0
  - Qatar: 35.9 72.6 58.4 42.4 41.4 38.3
  - Saudi Arabia: 31.1 31.0 28.8 23.8 24.1 22.4
  - Turkmenistan: 13.7 13.1 10.1 5.8 5.1 4.4
  - United Arab Emirates: 13.0 41.1 35.9 31.1 29.4 28.7
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: 68.3 82.4 84.8 83.8 83.4 76.8
    - Low-Income Developing Countries: 52.3 93.5 77.7 70.4 72.8 66.8
    - CCA: 16.8 29.9 28.2 24.2 24.5 24.4
    - MENA: 37.5 58.2 53.7 45.3 44.9 42.4
    - Memoranda: Arab World: 41.1 59.0 54.9 46.4 46.4 43.7; GCC: 24.6 40.5 35.9 28.6 28.5 26.9
- Exports of Goods and Services (Billions of US dollars) (Table 16):
  - Middle East and Central Asia: 1106.0 1114.1 1531.4 2162.2 1663.3 1776.4 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters total: 929.9 918.9 1305.4 1815.4 1613.1 1673.1
  - Country highlights (exports, USD billions):
    - Algeria: 47.9 24.9 41.9 69.1 60.9 60.8
    - Azerbaijan: 19.6 15.2 25.5 47.3 28.8 30.6
    - Bahrain: 21.5 25.2 35.2 52.4 44.6 40.2
    - Iran: 83.6 54.8 42.4 86.0 99.1 103.5
    - Iraq: 64.0 54.0 93.9 142.9 109.8 110.9
    - Kazakhstan: 51.3 49.3 71.7 93.3 86.6 91.2
    - Kuwait: 67.2 48.5 76.7 111.0 97.5 97.8
    - Oman: 32.7 35.7 46.6 69.7 65.8 71.5
    - Qatar: 68.8 70.9 105.5 161.7 132.8 133.4
    - Saudi Arabia: 234.8 182.8 286.5 442.6 368.1 379.6
    - United Arab Emirates: 243.7 350.3 425.1 512.3 512.0 539.5
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: 146.7 160.7 183.7 252.0 257.6 266.4
    - MENA total: 983.5 984.2 1355.6 1868.7 1693.2 1757.1
    - MENA oil exporters: 851.4 846.5 1197.5 1659.6 1483.2 1537.2
- Imports of Goods and Services (Billions of US dollars) (Table 17):
  - Middle East and Central Asia: 940.8 1181.7 1353.5 1662.2 1663.3 1776.4 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters total: 686.1 859.7 971.9 1174.9 1223.1 1296.4
  - Country highlights (imports, USD billions):
    - Algeria: 43.2 42.9 44.3 46.7 52.6 58.7
    - Azerbaijan: 11.8 15.5 16.3 21.3 15.9 17.3
    - Bahrain: 17.5 23.3 27.6 33.1 28.7 31.1
    - Iran: 68.3 54.8 75.5 90.0 86.5 89.5
    - Iraq: 61.9 77.8 74.5 94.5 111.0 119.3
    - Kuwait: 36.5 42.5 44.9 55.9 57.2 58.7
    - Oman: 23.6 33.8 37.2 46.4 47.8 53.8
    - Qatar: 36.2 59.1 61.2 74.5 74.0 78.9
    - Saudi Arabia: 155.5 182.2 213.0 258.8 275.3 290.8
    - United Arab Emirates: 198.6 273.7 320.4 386.2 400.5 422.0
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: 209.4 249.3 297.2 383.0 344.5 368.9
    - MENA total: 811.8 1008.9 1156.2 1405.4 1425.8 1511.1
    - MENA oil exporters: 628.8 790.1 898.6 1086.0 1133.6 1202.8
- Current Account Balance (Billions of US dollars) (Table 18):
  - Middle East and Central Asia: 139.4 -116.0 132.0 406.8 194.6 176.0 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters: 169.8 -75.7 182.7 478.5 237.8 223.5
  - Country highlights (current account, USD billions):
    - Algeria: 4.1 -18.7 -4.5 19.1 6.5 2.3
    - Azerbaijan: 5.7 -0.2 8.3 23.5 12.6 12.7
    - Bahrain: 0.7 -3.2 2.6 6.8 3.0 3.3
    - Iran: 16.4 -0.7 11.1 14.4 12.6 14.2
    - Iraq: 0.8 -27.2 14.2 45.0 -4.9 -11.7
    - Kuwait: -0.7 -11.0 -2.6 7.8 -3.9 -2.0
    - Qatar: 18.3 -3.0 26.3 63.1 41.5 38.0
    - Saudi Arabia: 59.5 -22.8 44.3 150.8 63.6 59.9
    - United Arab Emirates: 27.6 21.1 48.0 59.5 41.6 41.3
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: -28.0 -30.3 -38.8 -56.8 -29.7 -34.2
    - Low-Income Developing Countries: -2.4 -10.0 -11.9 -14.9 -13.4 -13.2
    - CCA: 1.4 -14.6 2.6 31.5 2.5 4.2
    - MENA: 140.5 -99.2 132.2 392.7 194.5 178.0
    - MENA oil exporters: 166.5 -65.9 172.7 441.7 226.3 211.1
- Current Account Balance (Percent of GDP) (Table 19):
  - Middle East and Central Asia: 5.7 -3.4 3.3 8.6 4.1 3.6 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters: 8.9 -3.3 6.7 14.0 6.9 6.2
  - Country highlights (% of GDP):
    - Algeria: 5.3 -12.8 -2.8 9.8 2.9 1.0
    - Azerbaijan: 7.8 -0.5 15.1 29.8 16.3 15.7
    - Bahrain: 3.7 -9.4 6.6 15.4 6.6 7.0
    - Iran: 4.1 -0.4 3.9 4.2 3.4 3.7
    - Iraq: -0.6 -15.0 6.9 17.3 -1.9 -4.3
    - Kuwait: -1.0 -6.4 -1.3 3.5 -1.5 -0.7
    - Qatar: 16.9 -2.1 14.6 26.7 17.6 15.4
    - Saudi Arabia: 12.3 -3.1 5.1 13.6 5.9 5.4
    - United Arab Emirates: 9.5 6.0 11.5 11.7 8.2 7.7
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: -3.4 -3.2 -3.6 -4.9 -2.8 -3.2
    - Low-Income Developing Countries: 1.1 -5.8 -7.2 -8.1 -7.2 -6.6
    - CCA: 0.0 -3.9 0.6 6.0 0.4 0.6
    - MENA: 6.8 -3.6 4.1 10.2 5.2 4.6
    - MENA oil exporters: 9.6 -3.3 7.1 14.6 7.5 6.7
- Gross Official Reserves (Billions of US dollars) (Table 20):
  - Middle East and Central Asia: 907.8 1083.7 1130.9 1185.1 1207.8 1243.9 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
  - Oil Exporters: 789.6 893.0 941.4 1017.4 1049.3 1067.3
  - Country highlights (reserves, USD billions):
    - Algeria: 103.1 46.9 45.4 63.7 72.0 76.2
    - Azerbaijan: 5.4 6.4 7.1 9.0 9.2 9.4
    - Bahrain: 3.3 2.2 2.4 4.7 4.5 5.7
    - Iran: 70.5 13.8 17.7 19.5 21.1 24.3
    - Iraq: 45.6 54.4 64.2 97.0 93.7 85.2
    - Kuwait: 19.9 35.7 34.4 35.1 36.5 37.1
    - Libya: 67.4 69.4 77.4 77.8 82.0 84.4
    - Oman: 11.0 15.0 19.7 17.6 20.2 22.8
    - Qatar: 19.0 40.9 42.2 47.4 51.7 56.6
    - Saudi Arabia: 379.4 453.7 455.4 459.9 430.9 425.3
    - United Arab Emirates: 50.5 106.5 127.8 135.3 169.5 176.4
  - Regional aggregates:
    - Emerging Market and Middle-Income Countries: 93.1 136.3 142.2 120.3 115.2 133.8
    - Low-Income Developing Countries: 25.1 54.3 47.4 47.4 43.3 42.8
    - CCA: 44.4 88.3 89.5 95.4 93.4 94.0
    - MENA: 851.0 973.4 1024.2 1079.9 1109.9 1140.9
    - MENA oil exporters: 764.4 851.0 899.9 973.2 1003.7 1020.9
- Notes on reserves:
  - Gross international reserves series amended to reflect readily available external assets controlled by monetary authorities after re-introduction of financial sanctions.
  - For some countries, gross reserves include large portions of unreconciled claims; footnotes indicate exclusions (gold, encumbered assets, overseas sovereign wealth fund assets) and coverage (central bank only vs. consolidated).

---

### External debt, reserves coverage, and financial soundness (Section 4 highlights)
- Table 21. Total Gross External Debt (Percent of GDP) — selected entries (projections and averages)
  - Middle East and Central Asia: 9.6, 9.1, 7.7, 8.0, 7.7, 7.5
  - Oil Exporters: 11.0, 10.2, 8.9, 9.2, 9.0, 8.6
  - Algeria: 25.4, 12.7, 11.7, 14.5, 14.7, 14.2
  - Azerbaijan: 4.6, 4.7, 4.0, 6.8, 6.4, 6.2
  - Bahrain: 2.2, 1.0, 1.7, 1.9, 2.2, 2.8
  - Iran1: 10.9, 2.2, 2.4, 2.7, 2.8, 3.1
  - Iraq: 8.0, 8.8, 8.2, 10.5, 9.4, 8.4
  - Kazakhstan: 5.5, 8.6, 7.0, 6.5, 6.6, 6.4
  - Kuwait: 6.6, 12.9, 9.7, 9.7, 11.1, 11.0
  - Oman: 5.0, 4.8, 5.1, 4.4, 4.5, 4.9
  - Qatar: 5.0, 8.0, 6.8, 7.7, 7.9, 8.1
  - Saudi Arabia2: 24.7, 25.6, 21.1, 20.0, 17.8, 16.2
  - United Arab Emirates3: 2.9, 4.0, 4.0, 4.1, 4.8, 4.8
  - Emerging Market and Middle-Income Countries: 5.4, 5.5, 4.5, 4.2, 3.9, 4.2
  - Armenia: 4.1, 5.1, 3.8, 3.9, 3.8, 3.7
  - Egypt: 5.8, 5.5, 4.6, 4.4, 4.4, 5.1
  - Georgia: 2.8, 4.2, 3.4, 3.2, 3.1, 3.0
  - Jordan: 6.9, 8.7, 7.6, 7.6, 8.0, 7.5
  - Lebanon4: 10.6, 12.1, 6.8, 5.2, ......  
  - Morocco: 6.7, 7.2, 5.8, 5.4, 5.6, 5.8
  - Pakistan: 2.9, 2.3, 2.5, 2.0, 0.7, 1.4
  - Tunisia: 3.5, 4.5, 3.6, 3.2, 3.2, 3.3
  - West Bank and Gaza1: 1.0, 0.8, 0.8, 0.8, ......  
  - Low-Income Developing Countries: 6.4, 8.4, 6.3, 6.6, 5.1, 4.6
  - Afghanistan: ... , 20.3, ............  
  - Djibouti5: ..., 1.6, 1.3, 1.2, 1.0, 1.0
  - Kyrgyz Republic6: 4.3, 5.3, 3.2, 2.8, 2.1, 1.9
  - Mauritania: 1.9, 4.3, 4.6, 4.2, 4.3, 3.7
  - Somalia: ..................  
  - Sudan: 2.1, 1.9, 2.4, 5.7, 2.1, 1.9
  - Tajikistan: 1.7, 6.3, 5.7, 7.9, 6.1, 7.1
  - Uzbekistan: 11.2, 15.0, 11.8, 10.7, 8.4, 7.0
  - Yemen: 6.3, 0.8, 1.3, 1.0, 0.5, 0.7
  - Regional memoranda:
    - Arab World: 10.3, 9.9, 8.5, 8.8, 8.6, 8.3
    - GCC: 10.7, 11.4, 9.8, 9.8, 9.4, 9.0
    - Fragile and conflict-affected states: 7.5, 7.7, 6.3, 8.0, 7.3, 6.6
    - Conflict-affected states: 6.6, 7.1, 6.2, 8.5, 8.0, 7.1
- Table 22. Gross Official Reserves (In months of next year's imports) — selected notes and country series
  - General table notes include:
    - 6 Reserve assets in non-convertible currencies are excluded.
    - 2 Saudi Arabia Monetary Agency gross foreign assets.
    - 3 Central bank only. Excludes overseas assets of sovereign wealth funds.
    - 4 Gold and encumbered assets are excluded.
    - 5 The ratio of reserves to total imports understates the reserve coverage since a large part of imports reflect re-export activities.
    - Additional note on Iran's gross international reserves series amendment and staff assumption about 10 percent of previously reported international reserves.
  - Example country series (selected):
    - Bahrain (Jun-21 to Jun-23): 18.8, 18.3, 18.7, 18.5, 19.1, 19.3, 19.5, 19.2, 19.3
    - Iraq (Jun-21 to Mar-22): 53.1, 53.3, 52.1, 51.3, 42.9, 33.0, 34.1, ......  
    - Kazakhstan (Jun-21 to Dec-22): 25.2, 24.9, 23.4, 26.8, 19.8, 20.9, 21.7, ......  
    - Kuwait (Jun-21 to Jun-23): 19.1, 18.6, 19.2, 18.7, 18.4, 18.0, 19.2, 19.0, 18.4
    - Qatar (Jun-21 to Dec-22): 18.8, 18.7, 19.2, 18.9, 18.7, 18.7, 19.3, 19.1, ...
    - Saudi Arabia (Jun-21 to Dec-22): 19.8, 20.0, 19.9, 20.2, 19.4, 19.4, 19.9, 20.0, ...
    - UAE (Jun-21 to Jun-23): 17.5, 17.7, 17.1, 17.9, 16.9, 17.5, 17.4, 17.4, 17.8
    - Armenia (Jun-21 to Jun-23): 17.0, 17.2, 17.2, 17.0, 18.6, 19.7, 20.3, 20.1, 20.6
    - Egypt (Jun-21 to Jun-23): 19.0, 19.3, 22.5, 19.0, 20.9, 20.5, 19.0, 17.0, 17.5
    - Georgia (Jun-21 to Jun-23): 19.2, 19.1, 19.6, 18.2, 20.3, 20.6, 20.3, 20.8, 21.0
    - Pakistan (Jun-21 to Jun-23): 18.3, 17.9, 16.7, 18.3, 16.1, 16.6, 17.0, 16.3, 17.8
    - West Bank and Gaza1 (Jun-21 to Jun-23): 14.3, 14.6, 14.4, 14.1, 14.7, 14.3, 14.6, 14.8, 14.6
    - Djibouti (Jun-21 to Sep-21): 11.5, 10.6, 11.0, 11.3, 11.2, 10.9, ............
    - Kyrgyz Republic (Jun-21 to Jun-23): 22.4, 22.3, 22.2, 22.9, 29.4, 25.1, 25.1, 25.6, 25.2, 23.5
    - Somalia (Jun-21 to Jun-23): 19.8, 18.5, 16.1, 16.0, 16.0, 15.5, 14.7, 14.7, 15.4
    - Sudan (Jun-21 to Sep-21): 6.8, 7.3, 7.1, 8.1, 8.3, ............  
    - Tajikistan2 (Jun-21 to Jun-23): 22.6, 23.0, 23.4, 20.7, 25.1, 25.1, 25.3, 25.9, 24.4
    - Uzbekistan (Jun-21 to Mar-22): 17.7, 17.4, 17.5, 18.4, 17.0, 16.5, 17.8, 17.8, ...
  - Additional example note: "August 2021. For instance, in 2021, total gross reserves are estimated at about $122 bn, while total usable reserves are estimated at $17.7 bn."
- Financial soundness indicators — selected series (Tables 23–25)
  - Capital Adequacy Ratios (Percent of risk-weighted assets) — selected series (Jun-21 to Jun-23):
    - Bahrain: 18.8, 18.3, 18.7, 18.5, 19.1, 19.3, 19.5, 19.2, 19.3
    - Iraq: 53.1, 53.3, 52.1, 51.3, 42.9, 33.0, 34.1, ......  
    - Kazakhstan: 25.2, 24.9, 23.4, 26.8, 19.8, 20.9, 21.7, ......  
    - Kuwait: 19.1, 18.6, 19.2, 18.7, 18.4, 18.0, 19.2, 19.0, 18.4
    - Qatar: 18.8, 18.7, 19.2, 18.9, 18.7, 18.7, 19.3, 19.1, ...
    - Saudi Arabia: 19.8, 20.0, 19.9, 20.2, 19.4, 19.4, 19.9, 20.0, ...
    - UAE: 17.5, 17.7, 17.1, 17.9, 16.9, 17.5, 17.4, 17.4, 17.8
    - Armenia: 17.0, 17.2, 17.2, 17.0, 18.6, 19.7, 20.3, 20.1, 20.6
    - Egypt: 19.0, 19.3, 22.5, 19.0, 20.9, 20.5, 19.0, 17.0, 17.5
    - Georgia: 19.2, 19.1, 19.6, 18.2, 20.3, 20.6, 20.3, 20.8, 21.0
    - Pakistan: 18.3, 17.9, 16.7, 18.3, 16.1, 16.6, 17.0, 16.3, 17.8
    - West Bank and Gaza1: 14.3, 14.6, 14.4, 14.1, 14.7, 14.3, 14.6, 14.8, 14.6
    - Kyrgyz Republic: 22.4, 22.3, 22.2, 22.9, 29.4, 25.1, 25.1, 25.6, 25.2, 23.5
    - Tajikistan2: 22.6, 23.0, 23.4, 20.7, 25.1, 25.1, 25.3, 25.9, 24.4
  - Return on Assets (Percent; before taxes) — selected series:
    - Bahrain: 0.6, 0.8, 1.1, 0.2, 0.6, 0.9, 1.2, 0.4, 0.7
    - Iraq: 1.1, 0.8, 0.7, 0.8, 1.1, 1.5, 1.3, ......  
    - Kazakhstan: 4.4, 4.1, 4.2, 3.9, 2.4, 3.6, 4.2, ......  
    - Kuwait: 0.8, 0.9, 1.1, 0.6, 1.2, 1.2, 1.3, 1.4, 1.5
    - Qatar: 1.4, 1.5, 1.4, 1.5, 1.5, 1.5, 1.4, 1.6, ...
    - Saudi Arabia: 1.8, 1.9, 1.8, 1.7, 2.1, 2.1, 2.1, 2.1, ...
    - UAE: 1.0, 1.1, 1.2, 0.9, 1.4, 1.4, 1.5, 1.6, ...
    - Armenia: 0.8, 0.9, 1.1, 1.1, 3.8, 3.9, 4.1, 3.8, 2.7
    - Egypt1: 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2
    - Georgia2: 4.0, 4.1, 3.9, 2.8, 3.1, 3.6, 3.8, 3.9, 4.2
    - Pakistan: 1.6, 1.6, 1.6, 1.5, 1.9, 2.0, 2.1, 2.7, 2.9
    - West Bank and Gaza: 1.3, 1.3, 1.2, 1.4, 1.4, 1.5, 1.5, 2.2, 2.2
    - Kyrgyz Republic: 1.2, 1.3, 1.2, 0.9, 4.9, 6.2, 5.9, 4.3, 4.7
    - Tajikistan2: 3.0, 2.6, 1.1, 2.9, 9.1, 8.1, 5.9, 4.4, 5.9
  - Nonperforming Loans (Percent of total gross loans; 90-day basis) — selected series:
    - Bahrain: 3.8, 3.6, 3.2, 4.0, 3.3, 3.2, 3.0, 3.0, 3.1
    - Iran: 7.1, 6.8, 7.1, 6.7, 8.4, 7.8, .........
    - Iraq: 17.8, 18.1, 18.5, 19.6, 18.9, 18.8, 18.8, ......  
    - Kazakhstan: 4.8, 4.3, 3.3, 3.7, 1.3, 6.3, 6.3, 3.4, ......  
    - Kuwait: 2.4, 1.9, 1.4, 2.3, 1.5, 1.5, 1.4, 1.5, 1.6
    - Oman: 4.2, 4.1, 4.2, 4.2, 4.3, ... , 4.4, 4.5, ...
    - Qatar: 2.1, 2.2, 2.4, 2.2, 2.8, 2.9, 3.6, 3.7, ...
    - Saudi Arabia: 2.1, 2.0, 1.9, 1.9, 1.8, 1.8, 1.8, 1.7, ...
    - UAE: 7.6, 7.5, 7.3, 7.3, 6.6, 9.6, 8.6, 6.6, 6.4, ...
    - Armenia1: 4.1, 3.0, 1.9, 4.8, 2.9, 3.2, 2.8, 2.7, 2.9
    - Egypt: 3.5, 3.6, 3.5, 3.5, 3.2, 3.2, 3.4, 3.5, 3.3
    - Georgia: 2.2, 2.2, 1.9, 2.4, 1.9, 1.9, 1.7, 1.7, 1.7
    - Morocco: 8.4, 8.6, 8.6, 8.6, 8.5, 8.5, 8.6, 8.4, 8.7, 8.6
    - Pakistan: 8.9, 8.8, 7.9, 9.3, 7.5, 7.6, 7.3, 7.8, 7.4
    - West Bank and Gaza: 4.2, 4.3, 4.2, 4.2, 4.2, 4.1, 4.0, 4.2, 4.1
    - Djibouti: 9.3, 6.3, 6.3, 6.7, 9.3, 7.1, ............
    - Kyrgyz Republic: 11.4, 12.0, 11.2, 11.1, 12.8, 12.8, 12.8, 12.6, 10.9
    - Somalia: 3.7, 0.9, 0.9, 0.9, 5.8, 1.1, 3.5, 2.1, 3.9, 5.6
    - Tajikistan2: 15.5, 14.9, 13.7, 23.1, 13.4, 12.1, 12.2, 11.5, 11.5
    - Uzbekistan: 5.5, 5.7, 5.1, 3.5, 4.8, 4.6, 3.5, 3.4, ...

Notes and sources for Section 4:
- Footnotes in Table 21: 1 Excludes publicly guaranteed debt; 2 IMF staff estimates and projections; 3 Excludes intercompany loans; 4 Excludes deposits of nonresidents held in the banking system; 5 Includes non-resident deposits; 6 Includes bank deposits of nonresidents; 7 Public external debt only; 8 Includes foreign deposits at the Central Bank.
- Sources: National authorities; IMF staff estimates and projections; Haver Analytics; IMF, Financial Soundness Indicators; IMF staff calculations.

*Statistical Appendix — October 2023 Regional Economic Outlook: Middle East and Central Asia (statisticalappendix.pdf).*

### Section 1

### Statistical Appendix - Section 1

### Coverage and key assumptions
- The IMF’s Middle East and Central Asia (ME&CA) countries and territories comprise Afghanistan, Algeria, Armenia, Azerbaijan, Bahrain, Djibouti, Egypt, Georgia, Islamic Republic of Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syrian Arab Republic, Tajikistan, Tunisia, Turkmenistan, United Arab Emirates, Uzbekistan, West Bank and Gaza, and Yemen. The statistical appendix tables contain data for 32 ME&CA countries and territories.
- Projections for 2023 and 2024 are presented under the working hypotheses (not forecasts) that:
  - the established policies of national authorities will be maintained;
  - the price of oil will average US$80.49 a barrel in 2023 and US$79.92 a barrel in 2024;
  - the three-month nominal yield on the US Treasury bills will average 5.3 percent in 2023 and 5.4 percent in 2024.
- 2023 and 2024 data in the tables are projections based on statistical information available through late September 2023.
- Data revisions reflect changes in methodology and/or revisions provided by country authorities.

### Data omissions, special cases, and timing conventions
- Afghanistan: data for 2021 and 2022 are estimates and reported for selected indicators only; projections are omitted because the IMF has paused engagement with the country.
- Lebanon: projections are omitted due to an unusually high degree of uncertainty.
- Libya: projections do not include the impact of the floods which occurred in September 2023.
- Syrian Arab Republic: all data are omitted and excluded from aggregates from 2011 onward.
- West Bank and Gaza: certain data and projections for 2022–24 are excluded from publication, pending methodological adjustments.
- Calendar year basis applies to all data except for:
  - Afghanistan (March 21 to March 20 until 2011, and December 21 to December 20 thereafter),
  - Islamic Republic of Iran (March 21 to March 20),
  - Egypt and Pakistan (July to June).
- In Tables 7 and 8, data are calendar year for all aggregates and countries except Islamic Republic of Iran, for which the Iranian calendar year (beginning on March 21) is used.

### Fiscal and statistical definitions, aggregation methods, and conventions
- Definitions for general government overall fiscal balance and non-oil fiscal balance in Tables 11 and 13 are updated in line with GFSM 2001 and are calculated as general government net lending/borrowing excluding net acquisition of financial assets: policy lending.
- For Algeria, starting with October 2022 REO, total government expenditure and net lending/borrowing include policy lending by the government (mostly support to the pension system and other public sector entities).
- In Tables 3, 6, 13, and 14, “oil” includes gas.
- In Table 21, total external debt-to-GDP ratio is calculated by converting total external debt into local currency using the end-of-period exchange rate and dividing by nominal GDP in local currency.
- Averages and weights:
  - Arithmetically weighted averages are used for all data aggregates except the consumer price index, for which geometric averages are used.
  - Long-term averages are calculated if data are available for the last ten consecutive years within 2000–19.
- REO aggregates use different weights depending on the series:
  - Composites for domestic-economy data (Tables 1, 3, 7, and 8) are weighted by GDP valued at purchasing power parities (PPPs) as a share of total ME&CA or group GDP.
  - Country group composites for broad money growth (Table 9) are weighted by GDP converted to US dollars at market exchange rates (GDP and exchange rates averaged over preceding three years).
  - Fiscal data in percent of GDP (Tables 10–15) are weighted by GDP in US dollars as a share of ME&CA or group GDP in US dollars.
  - External-economy composites in nominal terms (Tables 16–18 and 20) are sums of individual country data.
  - External-economy composites in percent of GDP (Tables 19 and 21) are weighted by GDP in US dollars as a share of ME&CA or group GDP in US dollars.
  - Composites in Tables 2, 4, and 5 are sums of individual country data.
- Conventions:
  - In tables, ellipsis points (. . .) indicate “not available”; and 0 or 0.0 indicates “zero” or “negligible.”
  - Minor discrepancies between sums of constituent figures and totals are due to rounding.

### Country groupings used in the tables
- Three nonoverlapping groups based on export earnings and level of development:
  - Oil Exporters (OE)
  - Emerging Market and Middle-Income Countries (EM&MI)
  - Low-Income Developing Countries (LIC)
- Additional analytical/regional groups (examples):
  - ME&CA OE: Algeria (ALG), Azerbaijan (AZE), Bahrain (BHR), Islamic Republic of Iran (IRN), Iraq (IRQ), Kazakhstan (KAZ), Kuwait (KWT), Libya (LBY), Oman (OMN), Qatar (QAT), Saudi Arabia (SAU), Turkmenistan (TKM), United Arab Emirates (UAE).
  - ME&CA EM&MI: Armenia (ARM), Egypt (EGY), Georgia (GEO), Jordan (JOR), Lebanon (LBN), Morocco (MAR), Pakistan (PAK), Syrian Arab Republic (SYR), Tunisia (TUN), West Bank and Gaza (WBG).
  - ME&CA LIC: Afghanistan (AFG), Djibouti (DJI), Kyrgyz Republic (KGZ), Mauritania (MRT), Somalia (SOM), Sudan (SDN), Tajikistan (TJK), Uzbekistan (UZB), Yemen (YEM).
  - CCA, MENA, MENAP, Arab World, GCC, North Africa, Fragile and conflict-affected states (FCS), and other subgroups are defined in the text.

### Selected projections and key statistics (preserving original numeric presentation)
- Assumed external financial parameters:
  - Oil price: US$80.49 a barrel in 2023 and US$79.92 a barrel in 2024.
  - Three-month nominal US Treasury bill yield: 5.3 percent in 2023 and 5.4 percent in 2024.
- Table 1. Real GDP Growth (Percent change, year over year) — Middle East and Central Asia:
  - Average 2000–19: 4.5
  - 2020: -2.6
  - 2021: 4.3
  - 2022: 5.6
  - 2023 (projection): 2.0
  - 2024 (projection): 3.4
- Table 1. Real GDP Growth — Oil Exporters:
  - Average 2000–19: 4.5
  - 2020: -3.7
  - 2021: 4.3
  - 2022: 5.7
  - 2023 (projection): 2.2
  - 2024 (projection): 3.4
- Table 2. Nominal GDP (Billions of U.S. dollars) — Middle East and Central Asia:
  - Average 2000–19: 2764.7
  - 2020: 3412.6
  - 2021: 3995.1
  - 2022: 4750.9
  - 2023 (projection): 4698.2
  - 2024 (projection): 4893.8
- Table 2. Nominal GDP — Oil Exporters:
  - Average 2000–19: 1979.2
  - 2020: 2281.1
  - 2021: 2738.6
  - 2022: 3408.1
  - 2023 (projection): 3431.3
  - 2024 (projection): 3622.9
- Table 3. Oil Exporters: Real Non-Oil GDP Growth (Percent change, year over year) — Oil exporters aggregate:
  - Average 2000–19: 5.6
  - 2020: -2.9
  - 2021: 4.7
  - 2022: 4.4
  - 2023 (projection): 3.8
  - 2024 (projection): 3.6
- Table 3. Oil Exporters: Real Oil GDP Growth (Percent change, year over year) — Oil Exporters aggregate:
  - Average 2000–19: 2.5
  - 2020: -3.6
  - 2021: 4.4
  - 2022: 8.4
  - 2023 (projection): 0.6
  - 2024 (projection): 3.2
- Table 4. Crude Oil and Natural Gas Production (Millions of barrels per day or millions of barrels of oil equivalent per day) — Crude oil production, Oil exporters aggregate:
  - Average 2000–19: 26.7
  - 2020: 26.0
  - 2021: 27.1
  - 2022: 29.7
  - 2023 (projection): 28.7
  - 2024 (projection): 29.7
- Table 4. Crude Oil and Natural Gas Production — Natural gas production, Oil exporters aggregate:
  - Average 2000–19: 10.9
  - 2020: 16.8
  - 2021: 18.2
  - 2022: 19.0
  - 2023 (projection): 19.7
  - 2024 (projection): 20.2
- Table 5. Crude Oil and Natural Gas Exports — CRUDE OIL EXPORTS, ME&CA Oil Exporters:
  - Average 2000–19: 19.6
  - 2020: 18.8
  - 2021: 19.3
  - 2022: 21.4
  - 2023 (projection): 20.2
  - 2024 (projection): 21.0
- Table 5. Crude Oil and Natural Gas Exports — NATURAL GAS EXPORTS, ME&CA Oil Exporters:
  - Average 2000–19: 4.1
  - 2020: 5.5
  - 2021: 6.1
  - 2022: 6.0
  - 2023 (projection): 6.3
  - 2024 (projection): 6.3

### Notes on data sources and revisions
- Sources: National authorities; and IMF staff estimates and projections.
- Data revisions and projection updates will be made once official data are released.
- Footnotes in the tables note specific methodological points for Iran and Qatar and indicate where staff estimates are used to harmonize base years.

*Statistical Appendix — October 2023 Regional Economic Outlook: Middle East and Central Asia (statisticalappendix - Section 1).*

### Section 2

### statisticalappendix - Section 2

### Breakeven Oil Prices (US dollars per barrel)
- Definitions:
  - "The oil price at which the fiscal balance is zero." (note 1)
  - "The oil price at which the current account balance is zero." (note 3)
  - "Kuwait's fiscal breakeven oil price is calculated using the fiscal balance before the 10 percent revenue transfer to the Future Generations Fund and includes investment income." (note 2)
- Regional breakeven price highlights (projections):
  - Middle East and Central Asia — 2024: 15.2
  - Oil Exporters — 2024: 9.3
- Sources: National authorities; and IMF staff estimates and projections.

### Consumer Price Inflation (Percent change, year over year)
- Regional inflation highlights (projections):
  - Middle East and Central Asia — 2024: 15.2
  - Oil Exporters — 2024: 11.4
- Selected country projections (where reported):
  - Iran — 2024: 31.3
  - Egypt — 2024: 29.9
  - Pakistan — 2024: 18.8
  - Tunisia — 2024: 11.3
  - Sudan — 2024: 26.2
- Note: "2022 data are not included in country groupings' aggregates. See country note on Afghanistan." (note 1)
- Sources: National authorities; and IMF staff estimates and projections.

### Core Consumer Price Inflation (Percent change, year over year)
- Regional core inflation highlights (projections):
  - Middle East and Central Asia — 2024: 14.1
  - Oil Exporters — 2024: 11.0
- Selected country projections (where reported):
  - Iran — 2024: 29.7
  - Egypt — 2024: 31.2
  - Uzbekistan — 2024: 20.5
  - Sudan — 2024: 110.1
- Sources: National authorities; and IMF staff estimates and projections.

### Broad Money Growth (Percent change, year over year)
- Regional broad money growth highlights (projections):
  - Middle East and Central Asia — 2024: -2.6
  - Oil Exporters — 2024: -1.0
  - Emerging Market and Middle-Income Countries — 2024: -8.0
  - MENA — 2024: -2.2
- Selected country projections (where reported):
  - Algeria — 2024: -12.0
  - Kuwait — 2024: 9.5
  - Saudi Arabia — 2024: 0.3
  - United Arab Emirates — 2024: 0.0
- Notes:
  - "Broad money is defined to include nonresident deposits (M5)." (note 1)
  - "Broad money includes currency, demand deposits, quasi money, and long-term deposits." (note 2)
- Sources: National authorities; and IMF staff estimates and projections.

### Central Government Net Lending/Borrowing (Percent of GDP)
- Regional projections:
  - Middle East and Central Asia — 2024: -1.8
  - Oil Exporters — 2024: 0.0
  - Emerging Market and Middle-Income Countries — 2024: -7.6
  - MENA — 2024: -1.3
- Selected country projections (where reported):
  - Kuwait — 2024: 9.5
  - Libya — 2024: 9.3
  - Qatar — 2024: 10.1
  - Saudi Arabia — 2024: 0.3
- Notes:
  - "The budget sector comprises central government, local government, and some public corporations." (note 1)
  - "Includes transfers to the electric and water companies." (note 2)
  - "Excludes payments for electricity arrears and commodity operations in the fiscal years 2009/10, 2010/11, and 2011/12." (note 3)
  - "Includes loans on-lent to state-owned enterprises in the energy sector as part of the governments public investment program." (note 4)
- Sources: National authorities; and IMF staff estimates and projections.

### General Government Fiscal Balance (Percent of GDP)
- Regional projections:
  - Middle East and Central Asia — 2024: -1.8
  - Oil Exporters — 2024: 0.1
  - Emerging Market and Middle-Income Countries — 2024: -7.6
  - MENA — 2024: -1.3
- Selected country projections (where reported):
  - Kuwait — 2024: 9.5
  - Libya — 2024: 9.3
  - Qatar — 2024: 4.4
  - Saudi Arabia — 2024: 0.3
- Notes:
  - "Central government." (note 1)
  - "General government includes state budget, Nakhchevan AR, State Oil Fund of Azerbaijan (SOFAZ), and State Social Protection Fund." (note 2)
  - "Central government including Targeted Subsidy Organization." (note 3)
  - "Includes loans on-lent to state-owned enterprises in the energy sector as part of the governments public investment program." (note 9)
- Sources: National authorities; and IMF staff estimates and projections.

### General Government Total Revenue, Excluding Grants (Percent of GDP)
- Regional revenue levels (projections):
  - Middle East and Central Asia — 2024: 26.8
  - Oil Exporters — 2024: 29.3
  - Emerging Market and Middle-Income Countries — 2024: 18.9
  - MENA — 2024: 28.7
- Selected country projections (where reported):
  - Kuwait — 2024: 59.7
  - Libya — 2024: 71.0
  - Saudi Arabia — 2024: 29.5
  - United Arab Emirates — 2024: 31.1
- Notes:
  - "Central government and Social Security Fund." (note 3)
  - "Consolidated accounts of the federal government and the emirates, including extra-budgetary funds." (note 5)
  - "State budget." (note 4)
  - "Includes oil revenue transferred to the oil fund." (note 6)
- Sources: National authorities; and IMF staff estimates and projections.

### Oil Exporters: General Government Non-Oil Fiscal Balance (Percent of non-oil GDP)
- Regional and group projections:
  - ME&CA Oil Exporters — 2024: -28.7
  - CCA oil and gas exporters — 2024: -10.0
  - MENA oil exporters — 2024: -31.4
- Selected country projections (where reported):
  - Algeria — 2024: -34.8
  - Kuwait — 2024: -50.5
  - Oman — 2024: -28.5
  - Saudi Arabia — 2024: -26.7
  - United Arab Emirates — 2024: -14.8
- Notes:
  - "Central government including Targeted Subsidy Organization." (note 3)
  - "General government includes state budget, Nakhchevan AR, State Oil Fund of Azerbaijan (SOFAZ), and State Social Protection Fund." (note 2)
  - "Central government. Expenditure includes oil investment and war reparation." (note 4)
  - "Includes oil revenue transferred to the oil fund." (note 5)
- Sources: National authorities; and IMF staff estimates and projections.

*Source: statisticalappendix - Section 2 (statisticalappendix.pdf) — Sources: National authorities; and IMF staff estimates and projections.*

### Section 3

### statisticalappendix - Section 3

### General Government Non-Oil Revenue (Table 14)
- ME&CA Oil Exporters: 13.5 16.6 16.6 16.3 17.1 16.7 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Algeria: 19.4 23.4 23.2 20.0 20.6 19.6
- Azerbaijan: 27.4 25.4 27.2 26.9 24.7 24.7
- Bahrain: 6.8 9.4 10.1 10.2 10.6 10.2
- Iran: 9.9 7.1 7.2 7.5 7.6 7.7
- Iraq: 5.5 4.0 8.0 4.3 6.9 7.0
- Kazakhstan: 20.4 18.1 16.0 17.1 19.6 19.4
- Kuwait: 28.2 28.2 29.5 29.4 30.5 27.5
- Libya: 16.9 29.5 5.6 8.2 8.7 7.3
- Oman: 10.6 9.8 10.7 13.1 13.3 13.0
- Qatar: 16.7 14.9 15.5 15.1 14.4 14.5
- Saudi Arabia: 10.1 18.2 18.9 18.1 18.9 18.9
- Turkmenistan: 9.4 8.8 8.9 9.3 8.9 8.7
- United Arab Emirates: 14.1 19.2 19.0 20.4 21.5 20.7
- CCA oil and gas exporters: 21.3 17.4 16.5 17.6 18.5 18.2
- MENA oil exporters: 12.9 16.5 16.6 16.2 16.9 16.5
- Memorandum: Arab World oil exporters: 13.8 17.5 17.9 17.3 18.2 17.7; GCC: 13.6 18.2 18.8 18.8 19.4 19.0; MENA oil exporters excl. conflict-affected states and Iran: 14.4 19.0 18.9 18.9 19.4 18.9

Sources and notes: Percent of non-oil GDP. Central/general government definitions vary by country as indicated in footnotes. Sources: National authorities; and IMF staff estimates and projections.

### Total Government Gross Debt (Table 15)
- Middle East and Central Asia: 37.6 56.7 52.6 45.4 44.6 42.1 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters: 26.3 42.9 38.4 30.9 30.8 30.5
- Algeria: 25.3 52.0 62.8 55.6 55.1 58.8
- Azerbaijan: 10.5 21.3 26.3 17.3 18.2 18.0
- Bahrain: 42.8 130.1 127.1 117.6 121.2 119.0
- Iran: 24.8 48.3 42.4 34.1 30.6 30.5
- Iraq: 91.5 78.7 59.2 44.9 49.2 54.6
- Kazakhstan: 13.4 26.4 25.1 23.5 23.4 23.6
- Kuwait: 13.1 11.7 8.6 3.1 3.4 3.1
- Oman: 16.0 67.9 61.3 40.0 38.2 34.0
- Qatar: 35.9 72.6 58.4 42.4 41.4 38.3
- Saudi Arabia: 31.1 31.0 28.8 23.8 24.1 22.4
- Turkmenistan: 13.7 13.1 10.1 5.8 5.1 4.4
- United Arab Emirates: 13.0 41.1 35.9 31.1 29.4 28.7
- Regional and group aggregates:
  - Emerging Market and Middle-Income Countries: 68.3 82.4 84.8 83.8 83.4 76.8
  - Low-Income Developing Countries: 52.3 93.5 77.7 70.4 72.8 66.8
  - CCA: 16.8 29.9 28.2 24.2 24.5 24.4
  - MENA: 37.5 58.2 53.7 45.3 44.9 42.4
  - Memorandum: Arab World: 41.1 59.0 54.9 46.4 46.4 43.7; GCC: 24.6 40.5 35.9 28.6 28.5 26.9

Notes: Percent of GDP. Debt figures include IMF obligations for some countries. Consolidation and coverage vary (central government, general government, consolidated accounts, etc.). Sources: National authorities; and IMF staff estimates and projections.

### Exports of Goods and Services (Table 16) (Billions of US dollars)
- Middle East and Central Asia: 1106.0 1114.1 1531.4 2162.2 1663.3 1776.4 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters total: 929.9 918.9 1305.4 1815.4 1613.1 1673.1
- Country highlights (exports):
  - Algeria: 47.9 24.9 41.9 69.1 60.9 60.8
  - Azerbaijan: 19.6 15.2 25.5 47.3 28.8 30.6
  - Bahrain: 21.5 25.2 35.2 52.4 44.6 40.2
  - Iran: 83.6 54.8 42.4 86.0 99.1 103.5
  - Iraq: 64.0 54.0 93.9 142.9 109.8 110.9
  - Kazakhstan: 51.3 49.3 71.7 93.3 86.6 91.2
  - Kuwait: 67.2 48.5 76.7 111.0 97.5 97.8
  - Oman: 32.7 35.7 46.6 69.7 65.8 71.5
  - Qatar: 68.8 70.9 105.5 161.7 132.8 133.4
  - Saudi Arabia: 234.8 182.8 286.5 442.6 368.1 379.6
  - United Arab Emirates: 243.7 350.3 425.1 512.3 512.0 539.5
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: 146.7 160.7 183.7 252.0 257.6 266.4
  - MENA total: 983.5 984.2 1355.6 1868.7 1693.2 1757.1
  - MENA oil exporters: 851.4 846.5 1197.5 1659.6 1483.2 1537.2

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

### Imports of Goods and Services (Table 17) (Billions of US dollars)
- Middle East and Central Asia: 940.8 1181.7 1353.5 1662.2 1663.3 1776.4 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters total: 686.1 859.7 971.9 1174.9 1223.1 1296.4
- Country highlights (imports):
  - Algeria: 43.2 42.9 44.3 46.7 52.6 58.7
  - Azerbaijan: 11.8 15.5 16.3 21.3 15.9 17.3
  - Bahrain: 17.5 23.3 27.6 33.1 28.7 31.1
  - Iran: 68.3 54.8 75.5 90.0 86.5 89.5
  - Iraq: 61.9 77.8 74.5 94.5 111.0 119.3
  - Kuwait: 36.5 42.5 44.9 55.9 57.2 58.7
  - Oman: 23.6 33.8 37.2 46.4 47.8 53.8
  - Qatar: 36.2 59.1 61.2 74.5 74.0 78.9
  - Saudi Arabia: 155.5 182.2 213.0 258.8 275.3 290.8
  - United Arab Emirates: 198.6 273.7 320.4 386.2 400.5 422.0
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: 209.4 249.3 297.2 383.0 344.5 368.9
  - MENA total: 811.8 1008.9 1156.2 1405.4 1425.8 1511.1
  - MENA oil exporters: 628.8 790.1 898.6 1086.0 1133.6 1202.8

Note: Table excludes re-exports of goods and services. Sources: National authorities; and IMF staff estimates and projections.

### Current Account Balance (Table 18) (Billions of US dollars)
- Middle East and Central Asia: 139.4 -116.0 132.0 406.8 194.6 176.0 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters: 169.8 -75.7 182.7 478.5 237.8 223.5
- Country highlights (current account, USD):
  - Algeria: 4.1 -18.7 -4.5 19.1 6.5 2.3
  - Azerbaijan: 5.7 -0.2 8.3 23.5 12.6 12.7
  - Bahrain: 0.7 -3.2 2.6 6.8 3.0 3.3
  - Iran: 16.4 -0.7 11.1 14.4 12.6 14.2
  - Iraq: 0.8 -27.2 14.2 45.0 -4.9 -11.7
  - Kuwait: -0.7 -11.0 -2.6 7.8 -3.9 -2.0
  - Qatar: 18.3 -3.0 26.3 63.1 41.5 38.0
  - Saudi Arabia: 59.5 -22.8 44.3 150.8 63.6 59.9
  - United Arab Emirates: 27.6 21.1 48.0 59.5 41.6 41.3
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: -28.0 -30.3 -38.8 -56.8 -29.7 -34.2
  - Low-Income Developing Countries: -2.4 -10.0 -11.9 -14.9 -13.4 -13.2
  - CCA: 1.4 -14.6 2.6 31.5 2.5 4.2
  - MENA: 140.5 -99.2 132.2 392.7 194.5 178.0
  - MENA oil exporters: 166.5 -65.9 172.7 441.7 226.3 211.1

Notes: Projections included. Sources: National authorities; and IMF staff estimates and projections.

### Current Account Balance (Table 19) (Percent of GDP)
- Middle East and Central Asia: 5.7 -3.4 3.3 8.6 4.1 3.6 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters: 8.9 -3.3 6.7 14.0 6.9 6.2
- Country highlights (% of GDP):
  - Algeria: 5.3 -12.8 -2.8 9.8 2.9 1.0
  - Azerbaijan: 7.8 -0.5 15.1 29.8 16.3 15.7
  - Bahrain: 3.7 -9.4 6.6 15.4 6.6 7.0
  - Iran: 4.1 -0.4 3.9 4.2 3.4 3.7
  - Iraq: -0.6 -15.0 6.9 17.3 -1.9 -4.3
  - Kuwait: -1.0 -6.4 -1.3 3.5 -1.5 -0.7
  - Qatar: 16.9 -2.1 14.6 26.7 17.6 15.4
  - Saudi Arabia: 12.3 -3.1 5.1 13.6 5.9 5.4
  - United Arab Emirates: 9.5 6.0 11.5 11.7 8.2 7.7
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: -3.4 -3.2 -3.6 -4.9 -2.8 -3.2
  - Low-Income Developing Countries: 1.1 -5.8 -7.2 -8.1 -7.2 -6.6
  - CCA: 0.0 -3.9 0.6 6.0 0.4 0.6
  - MENA: 6.8 -3.6 4.1 10.2 5.2 4.6
  - MENA oil exporters: 9.6 -3.3 7.1 14.6 7.5 6.7

Notes: Current account projections assume imports sufficient to cover minimum import needs based on survival minimum expenditure basket, November 2016, and describe implications for financing gaps and import compression if no additional financing is identified. Sources: National authorities; and IMF staff estimates and projections.

### Gross Official Reserves (Table 20) (Billions of US dollars)
- Middle East and Central Asia: 907.8 1083.7 1130.9 1185.1 1207.8 1243.9 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Oil Exporters: 789.6 893.0 941.4 1017.4 1049.3 1067.3
- Country highlights (reserves, USD billions):
  - Algeria: 103.1 46.9 45.4 63.7 72.0 76.2
  - Azerbaijan: 5.4 6.4 7.1 9.0 9.2 9.4
  - Bahrain: 3.3 2.2 2.4 4.7 4.5 5.7
  - Iran: 70.5 13.8 17.7 19.5 21.1 24.3
  - Iraq: 45.6 54.4 64.2 97.0 93.7 85.2
  - Kuwait: 19.9 35.7 34.4 35.1 36.5 37.1
  - Libya: 67.4 69.4 77.4 77.8 82.0 84.4
  - Oman: 11.0 15.0 19.7 17.6 20.2 22.8
  - Qatar: 19.0 40.9 42.2 47.4 51.7 56.6
  - Saudi Arabia: 379.4 453.7 455.4 459.9 430.9 425.3
  - United Arab Emirates: 50.5 106.5 127.8 135.3 169.5 176.4
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: 93.1 136.3 142.2 120.3 115.2 133.8
  - Low-Income Developing Countries: 25.1 54.3 47.4 47.4 43.3 42.8
  - CCA: 44.4 88.3 89.5 95.4 93.4 94.0
  - MENA: 851.0 973.4 1024.2 1079.9 1109.9 1140.9
  - MENA oil exporters: 764.4 851.0 899.9 973.2 1003.7 1020.9

Notes: Gross international reserves series amended to reflect readily available external assets controlled by monetary authorities after re-introduction of financial sanctions. For some countries, gross reserves include large portions of unreconciled claims; footnotes indicate exclusions (gold, encumbered assets, overseas sovereign wealth fund assets) and coverage (central bank only vs. consolidated). Examples: Staff estimates that in a noted case only 10 percent of previously reported gross international reserves other than Iran's SDR holdings and reserve position at the Fund were readily available for BOP purposes in 2019. Sources: National authorities; and IMF staff estimates and projections.

### Gross International Reserves and Related Ratios (selected country-level reserve ratios, percent)
- Middle East and Central Asia (reserves as percent of GDP or other ratios listed in tables): 34.0 62.8 55.2 47.9 46.0 44.6 (Average 2000–19, 2020, 2021, 2022, 2023, 2024)
- Country highlights (percent figures shown in table):
  - Algeria: 11.9 2.5 1.9 1.5 1.4 1.5
  - Azerbaijan: 30.9 55.7 43.6 30.5 32.0 31.5
  - Bahrain: 127.8 232.4 224.4 197.8 201.2 199.0
  - Iran: 5.5 5.1 3.1 3.2 3.0 2.8
  - Iraq: 122.4 45.3 33.2 24.0 23.1 21.3
  - Kazakhstan: 84.0 97.6 84.4 71.8 63.4 56.0
  - Kuwait: 32.2 50.1 39.3 27.0 29.8 28.9
  - Oman: 34.9 95.9 90.5 63.9 67.1 63.3
  - Qatar: 75.8 187.0 161.5 115.9 114.3 107.4
  - Saudi Arabia: 12.3 32.4 31.7 23.9 24.8 25.5
  - United Arab Emirates: 46.5 110.0 97.4 80.6 83.7 83.0
- Regional aggregates:
  - Emerging Market and Middle-Income Countries: 39.7 59.3 53.6 59.9 51.9 51.1
  - Low-Income Developing Countries: 50.8 89.4 81.2 75.2 78.6 73.6

Notes: Percent series correspond to table entries for gross international reserves relative measures. Sources: National authorities; and IMF staff estimates and projections.

*Source: statisticalappendix - Section 3, IMF staff estimates and projections.*

### Section 4

### statisticalappendix - Section 4

### Table 21. Total Gross External Debt (Percent of GDP) — Projections and averages
- Middle East and Central Asia: 9.6, 9.1, 7.7, 8.0, 7.7, 7.5
- Oil Exporters: 11.0, 10.2, 8.9, 9.2, 9.0, 8.6
- Algeria: 25.4, 12.7, 11.7, 14.5, 14.7, 14.2
- Azerbaijan: 4.6, 4.7, 4.0, 6.8, 6.4, 6.2
- Bahrain: 2.2, 1.0, 1.7, 1.9, 2.2, 2.8
- Iran1: 10.9, 2.2, 2.4, 2.7, 2.8, 3.1
- Iraq: 8.0, 8.8, 8.2, 10.5, 9.4, 8.4
- Kazakhstan: 5.5, 8.6, 7.0, 6.5, 6.6, 6.4
- Kuwait: 6.6, 12.9, 9.7, 9.7, 11.1, 11.0
- Oman: 5.0, 4.8, 5.1, 4.4, 4.5, 4.9
- Qatar: 5.0, 8.0, 6.8, 7.7, 7.9, 8.1
- Saudi Arabia2: 24.7, 25.6, 21.1, 20.0, 17.8, 16.2
- United Arab Emirates3: 2.9, 4.0, 4.0, 4.1, 4.8, 4.8
- Emerging Market and Middle-Income Countries: 5.4, 5.5, 4.5, 4.2, 3.9, 4.2
- Armenia: 4.1, 5.1, 3.8, 3.9, 3.8, 3.7
- Egypt: 5.8, 5.5, 4.6, 4.4, 4.4, 5.1
- Georgia: 2.8, 4.2, 3.4, 3.2, 3.1, 3.0
- Jordan: 6.9, 8.7, 7.6, 7.6, 8.0, 7.5
- Lebanon4: 10.6, 12.1, 6.8, 5.2, ......  
- Morocco: 6.7, 7.2, 5.8, 5.4, 5.6, 5.8
- Pakistan: 2.9, 2.3, 2.5, 2.0, 0.7, 1.4
- Tunisia: 3.5, 4.5, 3.6, 3.2, 3.2, 3.3
- West Bank and Gaza1: 1.0, 0.8, 0.8, 0.8, ......  
- Low-Income Developing Countries: 6.4, 8.4, 6.3, 6.6, 5.1, 4.6
- Afghanistan: ... , 20.3, ............  
- Djibouti5: ..., 1.6, 1.3, 1.2, 1.0, 1.0
- Kyrgyz Republic6: 4.3, 5.3, 3.2, 2.8, 2.1, 1.9
- Mauritania: 1.9, 4.3, 4.6, 4.2, 4.3, 3.7
- Somalia: ..................  
- Sudan: 2.1, 1.9, 2.4, 5.7, 2.1, 1.9
- Tajikistan: 1.7, 6.3, 5.7, 7.9, 6.1, 7.1
- Uzbekistan: 11.2, 15.0, 11.8, 10.7, 8.4, 7.0
- Yemen: 6.3, 0.8, 1.3, 1.0, 0.5, 0.7
- CCA: 5.7, 8.7, 6.8, 6.8, 6.2, 5.8
- CCA oil and gas exporters: 5.3, 7.7, 6.2, 6.6, 6.5, 6.4
- CCA oil and gas importers: 6.5, 10.0, 7.5, 7.0, 5.9, 5.3
- CCA emerging markets and middle-income countries: 3.3, 4.5, 3.5, 3.5, 3.4, 3.3
- CCA low-income developing countries: 8.3, 12.5, 9.4, 8.8, 7.1, 6.2
- MENA: 10.3, 9.4, 8.1, 8.5, 8.3, 8.0
- MENA oil exporters: 11.4, 10.4, 9.1, 9.4, 9.2, 8.8
- MENA oil importers: 5.9, 5.9, 4.8, 4.5, 4.5, 4.7
- MENA emerging markets and middle-income countries: 6.2, 6.5, 5.2, 4.8, 4.9, 5.2
- MENA low-income developing countries: 4.0, 1.7, 2.2, 2.1, 1.5, 1.5
- Regional memoranda (selected):
  - Arab World: 10.3, 9.9, 8.5, 8.8, 8.6, 8.3
  - GCC: 10.7, 11.4, 9.8, 9.8, 9.4, 9.0
  - Fragile and conflict-affected states: 7.5, 7.7, 6.3, 8.0, 7.3, 6.6
  - Conflict-affected states: 6.6, 7.1, 6.2, 8.5, 8.0, 7.1

Notes present in source:
- 1 Excludes publicly guaranteed debt.
- 2 IMF staff estimates and projections.
- 3 Excludes intercompany loans.
- 4 Excludes deposits of nonresidents held in the banking system.
- 5 Includes non-resident deposits.
- 6 Includes bank deposits of nonresidents.
- 7 Public external debt only.
- 8 Includes foreign deposits at the Central Bank.

### Table 22. Gross Official Reserves (In months of next year's imports) — Projections and notes
- Middle East and Central Asia: (average row) 9.6, 9.1, 7.7, 8.0, 7.7, 7.5 (same as Table 21 header row)
- Oil Exporters: 11.0, 10.2, 8.9, 9.2, 9.0, 8.6 (as in Table 21 header row)
- Note excerpts from source:
  - 6 Reserve assets in non-convertible currencies are excluded.
  - 2 Saudi Arabia Monetary Agency gross foreign assets.
  - 3 Central bank only. Excludes overseas assets of sovereign wealth funds.
  - 4 Gold and encumbered assets are excluded.
  - 5 The ratio of reserves to total imports understates the reserve coverage since a large part of imports reflect re-export activities.
  - Additional note on Iran's gross international reserves series amendment and staff assumption about 10 percent of previously reported international reserves.

- Example country series (selected where given):
  - Bahrain (Jun-21 to Jun-23): 18.8, 18.3, 18.7, 18.5, 19.1, 19.3, 19.5, 19.2, 19.3
  - Iraq (Jun-21 to Mar-22): 53.1, 53.3, 52.1, 51.3, 42.9, 33.0, 34.1, ......  
  - Kazakhstan (Jun-21 to Dec-22): 25.2, 24.9, 23.4, 26.8, 19.8, 20.9, 21.7, ......  
  - Kuwait (Jun-21 to Jun-23): 19.1, 18.6, 19.2, 18.7, 18.4, 18.0, 19.2, 19.0, 18.4
  - Qatar (Jun-21 to Dec-22): 18.8, 18.7, 19.2, 18.9, 18.7, 18.7, 19.3, 19.1, ...
  - Saudi Arabia (Jun-21 to Dec-22): 19.8, 20.0, 19.9, 20.2, 19.4, 19.4, 19.9, 20.0, ...
  - UAE (Jun-21 to Jun-23): 17.5, 17.7, 17.1, 17.9, 16.9, 17.5, 17.4, 17.4, 17.8
  - Armenia (Jun-21 to Jun-23): 17.0, 17.2, 17.2, 17.0, 18.6, 19.7, 20.3, 20.1, 20.6
  - Egypt (Jun-21 to Jun-23): 19.0, 19.3, 22.5, 19.0, 20.9, 20.5, 19.0, 17.0, 17.5
  - Georgia (Jun-21 to Jun-23): 19.2, 19.1, 19.6, 18.2, 20.3, 20.6, 20.3, 20.8, 21.0
  - Pakistan (Jun-21 to Jun-23): 18.3, 17.9, 16.7, 18.3, 16.1, 16.6, 17.0, 16.3, 17.8
  - West Bank and Gaza1 (Jun-21 to Jun-23): 14.3, 14.6, 14.4, 14.1, 14.7, 14.3, 14.6, 14.8, 14.6
  - Djibouti (Jun-21 to Sep-21): 11.5, 10.6, 11.0, 11.3, 11.2, 10.9, ............
  - Kyrgyz Republic (Jun-21 to Jun-23): 22.4, 22.3, 22.2, 22.9, 29.4, 25.1, 25.1, 25.6, 25.2, 23.5
  - Somalia (Jun-21 to Jun-23): 19.8, 18.5, 16.1, 16.0, 16.0, 15.5, 14.7, 14.7, 15.4
  - Sudan (Jun-21 to Sep-21): 6.8, 7.3, 7.1, 8.1, 8.3, ............  
  - Tajikistan2 (Jun-21 to Jun-23): 22.6, 23.0, 23.4, 20.7, 25.1, 25.1, 25.3, 25.9, 24.4
  - Uzbekistan (Jun-21 to Mar-22): 17.7, 17.4, 17.5, 18.4, 17.0, 16.5, 17.8, 17.8, ...

Sources and notes:
- Sources: National authorities; and IMF staff estimates and projections.
- Additional note in source: "August 2021. For instance, in 2021, total gross reserves are estimated at about $122 bn, while total usable reserves are estimated at $17.7 bn."
- Footnote indicating amendment to Iran reserves series in line with Balance of Payments Manual (paragraph 6.75).

### Table 23. Capital Adequacy Ratios (Percent of risk-weighted assets) — Jun-21 to Jun-23 (selected series)
- Bahrain (Jun-21 to Jun-23): 18.8, 18.3, 18.7, 18.5, 19.1, 19.3, 19.5, 19.2, 19.3
- Iraq: 53.1, 53.3, 52.1, 51.3, 42.9, 33.0, 34.1, ......  
- Kazakhstan: 25.2, 24.9, 23.4, 26.8, 19.8, 20.9, 21.7, ......  
- Kuwait (Jun-21 to Jun-23): 19.1, 18.6, 19.2, 18.7, 18.4, 18.0, 19.2, 19.0, 18.4
- Qatar: 18.8, 18.7, 19.2, 18.9, 18.7, 18.7, 19.3, 19.1, ...
- Saudi Arabia: 19.8, 20.0, 19.9, 20.2, 19.4, 19.4, 19.9, 20.0, ...
- UAE: 17.5, 17.7, 17.1, 17.9, 16.9, 17.5, 17.4, 17.4, 17.8
- Armenia: 17.0, 17.2, 17.2, 17.0, 18.6, 19.7, 20.3, 20.1, 20.6
- Egypt: 19.0, 19.3, 22.5, 19.0, 20.9, 20.5, 19.0, 17.0, 17.5
- Georgia: 19.2, 19.1, 19.6, 18.2, 20.3, 20.6, 20.3, 20.8, 21.0
- Pakistan (Jun-21 to Jun-23): 18.3, 17.9, 16.7, 18.3, 16.1, 16.6, 17.0, 16.3, 17.8
- West Bank and Gaza1: 14.3, 14.6, 14.4, 14.1, 14.7, 14.3, 14.6, 14.8, 14.6
- Djibouti: 11.5, 10.6, 11.0, 11.3, 11.2, 10.9, ............
- Kyrgyz Republic: 22.4, 22.3, 22.2, 22.9, 29.4, 25.1, 25.1, 25.6, 25.2, 23.5
- Somalia: 19.8, 18.5, 16.1, 16.0, 16.0, 15.5, 14.7, 14.7, 15.4
- Tajikistan2: 22.6, 23.0, 23.4, 20.7, 25.1, 25.1, 25.3, 25.9, 24.4
- Uzbekistan: 17.7, 17.4, 17.5, 18.4, 17.0, 16.5, 17.8, 17.8, ...

Notes:
- Sources: Haver Analytics: national authorities; IMF, Financial Soundness Indicators; and IMF staff calculations.
- Footnotes in source:
  - 1 Tier I capital to risk-weighted assets for local banks.
  - 2 Tier I capital as percent of risk-weighted assets.

### Table 24. Return on Assets (Percent; before taxes) — Jun-21 to Jun-23 (selected series)
- Bahrain (Jun-21 to Jun-23): 0.6, 0.8, 1.1, 0.2, 0.6, 0.9, 1.2, 0.4, 0.7
- Iraq: 1.1, 0.8, 0.7, 0.8, 1.1, 1.5, 1.3, ......  
- Kazakhstan: 4.4, 4.1, 4.2, 3.9, 2.4, 3.6, 4.2, ......  
- Kuwait: 0.8, 0.9, 1.1, 0.6, 1.2, 1.2, 1.3, 1.4, 1.5
- Oman: 1.2, 1.1, 1.1, 1.2, 1.3, ... , 1.2, 1.4, ...
- Qatar: 1.4, 1.5, 1.4, 1.5, 1.5, 1.5, 1.4, 1.6, ...
- Saudi Arabia: 1.8, 1.9, 1.8, 1.7, 2.1, 2.1, 2.1, 2.1, ...
- UAE: 1.0, 1.1, 1.2, 0.9, 1.4, 1.4, 1.5, 1.6, ...
- Armenia: 0.8, 0.9, 1.1, 1.1, 3.8, 3.9, 4.1, 3.8, 2.7
- Egypt1: 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2, 1.2
- Georgia2: 4.0, 4.1, 3.9, 2.8, 3.1, 3.6, 3.8, 3.9, 4.2
- Jordan: 1.2, ... , 1.0, ... , 1.0, ... , 1.0, ......  
- Morocco: ...........................
- Pakistan: 1.6, 1.6, 1.6, 1.5, 1.9, 2.0, 2.1, 2.7, 2.9
- West Bank and Gaza: 1.3, 1.3, 1.2, 1.4, 1.4, 1.5, 1.5, 2.2, 2.2
- Djibouti: 0.9, 0.8, 1.0, 0.9, 1.4, ............
- Kyrgyz Republic: 1.2, 1.3, 1.2, 0.9, 4.9, 6.2, 5.9, 4.3, 4.7
- Somalia: 0.2, 0.1, 0.2, 0.2, 0.1, 0.1, 0.0, 0.1, 0.1
- Sudan: 4.6, 4.5, 4.5, 4.8, 2.1, ............  
- Tajikistan2: 3.0, 2.6, 1.1, 2.9, 9.1, 8.1, 5.9, 4.4, 5.9
- Uzbekistan: 2.0, 2.0, 1.3, 2.0, 2.7, 2.6, 2.5, 2.8, ...
- Notes:
  - Sources: Haver Analytics: national authorities; IMF, Financial Soundness Indicators; and IMF staff calculations.
  - Footnotes:
    - 1 After tax.
    - 2 Cumulative and annualized.

### Table 25. Nonperforming Loans (Percent of total gross loans; 90-day basis) — Jun-21 to Jun-23 (selected series)
- Bahrain (Jun-21 to Jun-23): 3.8, 3.6, 3.2, 4.0, 3.3, 3.2, 3.0, 3.0, 3.1
- Iran: 7.1, 6.8, 7.1, 6.7, 8.4, 7.8, .........
- Iraq: 17.8, 18.1, 18.5, 19.6, 18.9, 18.8, 18.8, ......  
- Kazakhstan: 4.8, 4.3, 3.3, 3.7, 1.3, 6.3, 6.3, 3.4, ......  
- Kuwait: 2.4, 1.9, 1.4, 2.3, 1.5, 1.5, 1.4, 1.5, 1.6
- Oman: 4.2, 4.1, 4.2, 4.2, 4.3, ... , 4.4, 4.5, ...
- Qatar: 2.1, 2.2, 2.4, 2.2, 2.8, 2.9, 3.6, 3.7, ...
- Saudi Arabia: 2.1, 2.0, 1.9, 1.9, 1.8, 1.8, 1.8, 1.7, ...
- UAE: 7.6, 7.5, 7.3, 7.3, 6.6, 9.6, 8.6, 6.6, 6.4, ...
- Armenia1: 4.1, 3.0, 1.9, 4.8, 2.9, 3.2, 2.8, 2.7, 2.9
- Egypt: 3.5, 3.6, 3.5, 3.5, 3.2, 3.2, 3.4, 3.5, 3.3
- Georgia: 2.2, 2.2, 1.9, 2.4, 1.9, 1.9, 1.7, 1.7, 1.7
- Jordan: 5.3, ... , 5.0, ... , 5.0, ... , 4.6, ......  
- Morocco: 8.4, 8.6, 8.6, 8.6, 8.5, 8.5, 8.6, 8.4, 8.7, 8.6
- Pakistan: 8.9, 8.8, 7.9, 9.3, 7.5, 7.6, 7.3, 7.8, 7.4
- West Bank and Gaza: 4.2, 4.3, 4.2, 4.2, 4.2, 4.1, 4.0, 4.2, 4.1
- Djibouti: 9.3, 6.3, 6.3, 6.7, 9.3, 7.1, ............
- Kyrgyz Republic: 11.4, 12.0, 11.2, 11.1, 12.8, 12.8, 12.8, 12.6, 10.9
- Somalia: 3.7, 0.9, 0.9, 0.9, 5.8, 1.1, 3.5, 2.1, 3.9, 5.6
- Sudan: 1.5, 1.1, 0.3, 0.3, 2.4, ............  
- Tajikistan2: 15.5, 14.9, 13.7, 23.1, 13.4, 12.1, 12.2, 11.5, 11.5
- Uzbekistan: 5.5, 5.7, 5.1, 3.5, 4.8, 4.6, 3.5, 3.4, ...

Notes:
- Sources: Haver Analytics: national authorities; IMF, Financial Soundness Indicators; and IMF staff calculations.
- Footnotes:
  - 1 Defined as loans overdue between at least 1 and 270 days.
  - 2 Overdue by 30 days or more.

*Sources: National authorities; and IMF staff estimates and projections; Haver Analytics; IMF, Financial Soundness Indicators; IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/reo/mcd-cca/2023/october/english/statisticalappendix.pdf_