Information about Middle East Oriente Medio
Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Published Date:
October 2007
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Data and Conventions

The IMF’s Middle East and Central Asia Department (MCD) countries comprise Afghanistan, Algeria, Armenia, Azerbaijan, Bahrain, Djibouti, Egypt, Georgia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, the Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Syria, Tajikistan, Tunisia, Turkmenistan, the United Arab Emirates (U.A.E.), Uzbekistan, Yemen, and West Bank and Gaza.

The following statistical appendix tables contain data for 30 of the MCD countries. Somalia and West Bank and Gaza are not included because of limited data availability. Afghanistan, Iraq, and Turkmenistan are included in the tables, but excluded from the country grouping averages in all the tables except Tables 2, 4, 13, 14, 15, and 18. Data revisions reflect changes in methodology and/or revisions provided by the authorities.

The data relate to the calendar year, with the following exceptions: (1) for Qatar, fiscal data are on a fiscal year (April/March) basis, and (2) for Afghanistan, Egypt, Iran, and Pakistan, all macroeconomic accounts data are on a fiscal year basis. For Egypt and Pakistan, the data for each year (e.g., 2004) refer to the fiscal year (July/June) ending in June of that year (e.g., June 2004). For Afghanistan and Iran, data for each year refer to the fiscal year (March 21/March 20) starting in March of that year, except Table 5, which contains data on a calendar year basis.

In Tables 3, 9, and 10, “oil” includes gas, which is also an important resource in several countries.

REO aggregates are constructed using a variety of weights as appropriate to the series:

  • Country group composites for exchange rates and the growth rates of monetary aggregates (Tables 6 and 17) are weighted by GDP converted to U.S. dollars at market exchange rates (both GDP and exchange rates are averaged over the preceding three years) as a share of MCD or group GDP.
  • Composites for other data relating to the domestic economy (Tables 1, 3, 5, and 7–12), whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total MCD or group GDP.
  • Composites relating to the external economy (Tables 16 and 19) are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in U.S. dollars.
  • Tables 2, 4, 13, 14, 15, and 18 are sums of the individual country data.

CCA (the Caucasus and Central Asia) comprises Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.

MENA (Middle East and North Africa) refers to the following countries covered by the MCD: Algeria, Bahrain, Djibouti, Egypt, Iran, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, the U.A.E., and Yemen.

GCC (Gulf Cooperation Council) is composed of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the U.A.E.

Maghreb comprises Algeria, Libya, Mauritania, Morocco, and Tunisia.

Table 1.Real GDP Growth(Annual change; in percent)
Average 1998–20022003200420052006Est.2007Proj. 2008
Middle East and Central Asia3.96.56.16.16.66.66.7
Oil exporters3.87.66.26.36.26.66.4
Algeria3.66.95.25.13.64.85.2
Azerbaijan7.710.510.424.331.029.323.2
Bahrain4.87.25.67.87.66.86.5
Iran4.27.25.14.44.96.06.0
Iraq46.5-0.76.26.35.3
Kazakhstan6.89.39.69.710.78.77.8
Kuwait8.216.510.510.05.03.54.8
Libya2.25.95.06.35.69.26.9
Oman3.62.05.45.85.96.06.3
Qatar7.06.317.79.210.314.214.1
Saudi Arabia1.57.75.36.14.34.14.3
Syria2.91.12.83.34.43.93.7
Turkmenistan15.617.114.79.09.010.010.0
United Arab Emirates4.011.99.78.29.47.76.6
Low-income countries4.96.86.47.69.39.38.8
Afghanistan28.615.78.014.07.513.08.4
Armenia7.914.010.514.013.311.110.0
Djibouti1.63.23.03.24.84.85.7
Georgia3.611.15.99.69.411.09.0
Kyrgyz Republic3.37.07.0-0.22.77.57.0
Mauritania3.15.65.25.411.40.94.4
Sudan5.57.15.18.611.811.210.7
Tajikistan7.310.210.66.77.07.58.0
Uzbekistan4.14.27.77.07.38.87.5
Yemen4.73.74.04.64.03.64.3
Emerging markets4.04.55.95.46.85.96.6
Egypt5.13.24.14.56.87.17.3
Jordan4.34.28.67.16.36.06.0
Lebanon2.34.17.41.00.02.03.5
Morocco3.36.15.22.48.02.55.9
Pakistan3.14.87.47.76.96.46.5
Tunisia4.55.66.04.05.46.06.2
Memorandum
CCA6.08.69.111.113.212.911.2
MENA Of which3.86.55.55.25.85.86.1
GCC3.08.87.17.05.95.45.4
Maghreb3.56.35.34.45.44.95.7
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 2.Nominal GDP(In billions of U.S. dollars)
Average 1998–20022003200420052006Est.2007Proj. 2008
Middle East and Central Asia846.21,030.71,238.01,502.51,779.72,062.42,352.6
Oil exporters551.2704.6874.91,096.01,306.21,516.01,728.7
Algeria52.868.085.0102.1113.9125.9139.5
Azerbaijan5.27.38.713.219.831.144.4
Bahrain7.49.711.113.415.416.918.6
Iran106.2134.0161.3188.5222.4278.1324.6
Iraq25.831.449.565.174.8
Kazakhstan20.730.943.257.181.095.5110.9
Kuwait33.447.859.380.895.9103.4114.5
Libya30.124.030.541.750.466.079.5
Oman18.021.824.730.836.040.545.4
Qatar15.523.531.742.552.765.882.8
Saudi Arabia173.6214.9250.7315.8349.1374.5407.0
Syria19.322.725.028.634.937.439.4
Turkmenistan5.511.414.217.221.826.231.9
United Arab Emirates63.688.6103.8133.0163.3189.6215.3
Low-income countries45.256.568.784.9106.0128.2149.7
Afghanistan4.14.66.07.38.39.911.5
Armenia2.02.83.64.96.48.610.4
Djibouti0.60.60.70.70.80.80.9
Georgia3.24.05.16.47.89.611.0
Kyrgyz Republic1.51.92.22.52.83.54.1
Mauritania1.21.31.51.92.72.72.9
Sudan12.617.821.727.937.446.755.9
Tajikistan1.11.62.12.32.83.43.8
Uzbekistan13.410.112.014.317.020.223.2
Yemen8.811.813.916.820.022.726.0
Emerging markets249.8269.7294.4321.5367.4418.3474.1
Egypt91.481.478.889.8107.4127.9149.7
Jordan8.610.211.412.614.115.717.4
Lebanon17.319.821.521.522.724.025.3
Morocco39.049.856.459.065.472.879.7
Pakistan73.283.598.1109.6127.0143.8164.2
Tunisia20.225.028.329.030.834.137.8
Memorandum
CCA52.770.091.0117.9159.5197.9239.6
MENA Of which720.2877.21,048.91,274.91,493.21,720.71,948.8
GCC311.4406.3481.3616.2712.4790.7883.7
Maghreb143.3168.1201.6233.6263.3301.5339.4
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 3.Oil and Non-Oil Real GDP Growth for Oil Exporters(Annual change; in percent)
Average 1998–20022003200420052006Est.2007Proj. 2008
Non-oil GDP
Oil exporters4.56.66.86.46.97.26.8
Algeria3.65.96.24.85.46.66.6
Azerbaijan4.215.313.88.412.88.98.6
Bahrain4.48.38.810.38.67.57.2
Iran4.77.05.45.05.36.56.5
Iraq14.912.07.55.06.0
Kazakhstan7.68.88.411.511.99.17.6
Kuwait7.513.912.58.97.27.57.4
Libya3.02.64.25.66.09.75.2
Oman4.56.58.66.97.27.27.2
Qatar3.77.324.613.110.010.010.0
Saudi Arabia3.23.74.65.26.36.66.7
Syria5.62.55.06.06.55.85.0
Turkmenistan17.617.816.111.011.011.011.0
United Arab Emirates7.011.212.610.810.49.17.6
Oil GDP
Oil exporters1.810.44.54.53.43.33.6
Algeria3.48.83.35.60.01.02.0
Azerbaijan20.00.62.565.461.953.335.4
Bahrain7.31.1-11.5-8.4-0.40.30.3
Iran0.78.42.9-0.41.72.12.1
Iraq74.2-8.15.37.34.8
Kazakhstan17.311.615.51.75.06.48.5
Kuwait10.619.88.111.42.3-1.61.3
Libya-0.517.77.48.34.47.812.0
Oman2.1-6.8-1.82.92.62.73.7
Qatar10.15.612.56.010.718.017.6
Saudi Arabia-1.817.26.77.80.2-1.2-1.1
Syria-4.4-3.8-6.1-8.6-6.4-7.3-4.5
Turkmenistan22.211.3-1.73.03.06.86.6
United Arab Emirates-1.313.62.91.66.53.53.5
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 4.Crude Oil Production and Exports(Millions of barrels a day)
Average 1998–20022003200420052006Est.2007Proj. 2008
Production
Oil exporters21.223.426.627.628.429.230.0
Algeria0.91.21.31.41.61.61.6
Azerbaijan0.30.30.30.50.60.91.1
Bahrain0.20.20.20.20.20.20.2
Iran3.53.83.94.04.14.24.3
Iraq2.01.92.02.12.2
Kazakhstan0.81.11.21.31.31.41.5
Kuwait1.92.12.32.62.62.62.6
Libya1.41.51.61.71.71.92.1
Oman0.90.80.80.80.70.70.7
Qatar0.70.70.80.80.80.90.9
Saudi Arabia7.88.48.99.49.29.19.0
Syria0.50.50.50.40.40.40.4
Turkmenistan0.20.20.20.20.20.20.3
United Arab Emirates2.42.62.72.72.93.03.1
Exports 1
Oil exporters14.217.319.820.621.020.721.2
Algeria0.50.70.91.00.90.91.0
Azerbaijan0.20.20.20.40.50.81.0
Bahrain0.20.20.20.10.10.10.1
Iran2.12.42.62.42.52.52.5
Iraq1.51.41.41.61.6
Kazakhstan0.50.91.11.11.21.21.4
Kuwait1.11.21.41.71.71.61.6
Libya1.01.21.31.31.31.41.6
Oman0.90.80.70.70.60.60.6
Qatar0.60.70.70.70.70.80.8
Saudi Arabia5.96.56.87.27.26.46.3
Syria0.30.30.20.20.20.20.1
Turkmenistan0.00.00.00.00.00.00.0
United Arab Emirates2.12.22.32.32.52.62.7
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excluding exports of refined oil products.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excluding exports of refined oil products.

Table 5.Consumer Price Inflation(Annual change; year average; in percent)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia5.45.76.96.47.28.67.9
Oil exporters5.66.86.66.67.19.89.0
Algeria2.72.63.61.62.54.54.3
Azerbaijan-0.62.26.79.78.416.617.0
Bahrain-0.81.72.32.62.92.92.7
Iran15.116.514.813.411.917.516.7
Iraq12.735.17.838.564.830.012.0
Kazakhstan8.76.46.97.68.68.67.8
Kuwait1.51.01.34.12.82.62.6
Libya-3.1-2.1-2.22.03.416.26.9
Oman-0.30.20.71.93.23.83.5
Qatar1.72.36.88.811.812.010.0
Saudi Arabia-0.70.60.40.72.23.03.0
Syria-1.15.84.47.210.07.07.0
Turkmenistan13.75.65.910.78.26.59.0
United Arab Emirates2.23.25.06.29.38.06.4
Low-income countries15.28.67.88.49.79.28.0
Afghanistan-19.635.712.612.77.27.08.0
Armenia2.54.77.00.62.93.74.9
Djibouti1.32.03.13.13.53.53.5
Georgia7.44.85.78.39.28.58.1
Kyrgyz Republic14.83.14.14.35.67.07.0
Mauritania5.95.310.412.16.27.67.3
Sudan10.97.78.48.57.28.06.5
Tajikistan30.916.47.27.310.09.912.6
Uzbekistan27.511.66.610.014.212.29.8
Yemen10.910.812.511.718.212.512.1
Emerging markets3.23.17.35.66.86.56.0
Egypt3.14.511.34.97.68.37.9
Jordan1.61.63.43.56.35.04.5
Lebanon1.21.31.7-0.75.63.52.5
Morocco1.81.21.51.03.32.52.0
Pakistan4.22.97.49.17.97.46.6
Tunisia2.62.73.62.04.53.03.0
Memorandum
CCA12.67.06.67.99.310.610.1
MENA Of which4.96.06.95.86.88.67.8
GCC0.11.21.72.64.24.44.0
Maghreb1.71.72.41.73.25.23.9
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 6.Broad Money(Annual change; in percent)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia14.414.220.020.925.123.717.0
Oil exporters15.013.121.822.228.425.917.6
Algeria22.515.611.511.120.721.216.3
Azerbaijan14.729.847.522.186.479.065.0
Bahrain10.16.44.122.014.926.6-7.0
Iran26.924.631.037.141.148.832.1
Iraq
Kazakhstan38.627.069.825.278.135.015.0
Kuwait4.97.812.112.321.717.89.3
Libya7.98.19.229.217.331.611.9
Oman6.32.64.320.924.912.07.1
Qatar12.34.820.842.939.643.318.3
Saudi Arabia7.66.918.811.619.312.912.6
Syria17.07.711.111.57.313.312.4
Turkmenistan43.540.912.727.955.940.443.0
United Arab Emirates12.416.123.233.823.220.416.1
Low-income countries28.525.430.734.432.029.125.3
Afghanistan40.934.612.322.015.414.4
Armenia25.510.422.327.832.934.425.0
Djibouti7.517.813.911.310.212.816.1
Georgia19.022.842.626.439.331.826.5
Kyrgyz Republic21.733.532.09.951.643.528.7
Mauritania17.925.513.514.615.815.410.8
Sudan28.330.332.144.727.424.025.0
Tajikistan46.428.614.123.956.360.222.9
Uzbekistan38.227.147.854.336.835.928.3
Yemen17.520.015.014.428.825.025.0
Emerging markets10.614.813.814.614.015.612.6
Egypt11.216.913.213.613.518.316.8
Jordan8.612.411.717.014.111.310.7
Lebanon 110.615.412.33.56.45.05.0
Morocco9.08.67.714.017.212.47.9
Pakistan10.918.019.619.314.919.313.7
Tunisia10.96.310.311.011.49.19.9
Memorandum
CCA34.026.555.929.666.741.526.0
MENA Of which13.413.117.820.422.922.616.4
GCC8.48.618.019.122.017.612.7
Maghreb13.811.09.914.617.919.212.5
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Broad money is defined to include nonresident deposits (M5).

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Broad money is defined to include nonresident deposits (M5).

Table 7.Central Government Fiscal Balance(In percent of GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia-1.6-0.11.84.65.34.35.0
Oil exporters0.12.65.610.811.810.211.2
Algeria 12.11.93.715.514.511.011.5
Azerbaijan-2.1-0.81.02.60.14.530.3
Bahrain0.91.84.75.25.25.06.5
Iran0.11.31.71.1-0.9-1.2-0.8
Iraq 2-41.210.912.0-5.3-1.2
Kazakhstan 2-1.92.72.55.87.25.65.4
Kuwait20.517.422.334.033.535.836.4
Libya5.114.815.128.237.727.431.4
Oman3.54.74.512.215.611.116.4
Qatar2.36.416.49.29.712.212.9
Saudi Arabia-4.31.210.018.421.418.216.3
Syria 2-1.1-2.6-4.2-4.4-5.7-4.7-5.5
Turkmenistan 2-0.4-1.30.40.85.10.7-1.4
United Arab Emirates 3-0.82.610.520.328.829.429.2
Low-income countries-1.9-0.9-0.1-1.40.4-2.1-1.8
Afghanistan-0.1-3.0-1.20.9-2.7-2.8-2.1
Armenia-4.6-1.1-1.7-2.6-1.9-1.8-2.6
Djibouti-1.8-2.3-1.90.2-2.4-1.6-5.4
Georgia 2-3.2-1.3-0.2-2.4-2.8-1.20.5
Kyrgyz Republic 2-9.2-4.7-4.4-3.7-2.1-2.2-2.0
Mauritania 4-5.2-11.8-4.8-7.135.7-2.8-3.0
Sudan0.00.71.5-1.8-4.2-3.8-2.9
Tajikistan2-4.0-1.8-2.4-2.91.7-8.2-11.3
Uzbekistan 2-2.50.10.61.25.22.32.1
Yemen 20.1-4.2-2.2-1.80.8-3.7-3.4
Emerging markets-4.3-4.8-4.4-5.2-5.3-5.0-4.5
Egypt 2-3.2-9.0-8.3-8.4-9.2-7.7-6.9
Jordan-4.5-1.0-1.7-5.0-3.8-4.1-3.0
Lebanon-17.4-13.3-8.6-8.4-11.1-12.2-9.1
Morocco-4.1-4.3-3.8-4.7-1.7-2.1-2.0
Pakistan 2-4.4-1.3-1.8-3.0-3.7-4.0-3.7
Tunisia-3.4-3.2-2.6-3.0-2.8-2.7-2.6
Memorandum
CCA-2.60.81.12.84.13.38.8
MENA Of which-1.0-0.12.56.17.05.86.1
GCC-0.73.411.019.022.821.020.4
Maghreb0.01.02.18.810.77.38.1
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excludes special accounts and net lending.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Includes oil revenue transferred to the oil fund.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excludes special accounts and net lending.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Includes oil revenue transferred to the oil fund.

Table 8.Central Government Total Revenue Excluding Grants(In percent of GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia25.527.428.731.533.232.332.4
Oil exporters29.031.934.138.740.639.439.6
Algeria33.036.936.141.142.743.243.7
Azerbaijan21.026.726.825.029.633.158.9
Bahrain28.930.830.630.831.730.731.0
Iran20.924.124.529.728.926.824.9
Iraq 170.579.568.055.857.2
Kazakhstan 120.925.424.628.127.529.729.7
Kuwait64.054.756.962.268.970.769.3
Libya40.953.958.568.671.767.968.4
Oman42.745.245.148.149.647.448.6
Qatar38.335.947.742.044.447.343.5
Saudi Arabia30.034.542.248.051.948.647.4
Syria 127.128.827.224.021.921.922.2
Turkmenistan 120.918.019.320.519.817.617.6
United Arab Emirates 235.030.735.441.750.550.850.5
Low-income countries20.722.524.124.825.124.124.9
Afghanistan3.24.54.55.77.07.27.7
Armenia16.114.614.915.315.316.416.1
Djibouti23.928.028.830.931.229.527.6
Georgia 1, 315.518.624.222.524.827.427.2
Kyrgyz Republic 120.021.722.323.725.828.127.9
Mauritania 422.330.729.724.529.425.226.4
Sudan9.516.019.721.719.018.119.8
Tajikistan 114.117.017.319.318.721.221.0
Uzbekistan 136.732.331.430.434.132.433.5
Yemen 130.730.731.334.536.431.730.9
Emerging markets20.220.520.120.121.821.521.2
Egypt 127.425.424.624.328.227.325.7
Jordan26.123.025.728.231.231.030.7
Lebanon18.722.123.122.821.922.923.4
Morocco23.021.622.523.825.124.023.9
Pakistan 113.414.814.113.814.214.915.5
Tunisia24.123.723.823.623.822.922.4
Memorandum
CCA24.025.625.426.628.029.835.6
MENA Of which27.729.631.535.137.135.734.9
GCC34.936.342.347.352.150.449.5
Maghreb30.733.934.338.139.638.939.1
Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Revised for 2002–04 to include extrabudgetary revenues.

Includes oil revenue transferred to the oil fund.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Revised for 2002–04 to include extrabudgetary revenues.

Includes oil revenue transferred to the oil fund.

Table 9.Oil Exporters: Central Government Non-Oil Fiscal Balance(In percent of non-oil GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Oil exporters-26.6-30.9-31.2-35.8-36.7-34.9-31.6
Algeria-29.6-27.8-30.2-35.1-37.9-40.4-40.9
Azerbaijan-8.8-17.3-13.2-12.9-32.7-40.8-45.7
Bahrain-25.4-33.0-28.9-29.5-32.7-31.1-29.7
Iran-14.5-20.0-20.3-27.9-28.1-26.7-21.7
Iraq 1-277.5-130.8-98.2-98.6-99.1
Kazakhstan 1-5.4-4.3-6.5-7.4-4.3-5.8-6.9
Kuwait-39.8-44.5-42.6-38.4-52.2-45.4-39.0
Libya-34.8-79.1-98.9-124.1-108.6-91.6-85.8
Oman-54.3-57.8-62.9-63.6-60.0-61.3-48.9
Qatar-48.6-40.6-33.0-47.1-49.6-49.2-39.8
Saudi Arabia-41.9-46.7-45.8-50.9-54.0-49.7-52.4
Syria 1-17.7-22.0-19.4-15.3-13.4-11.0-10.7
Turkmenistan 1-10.9-12.1-10.0-13.1-7.9-14.3-16.7
United Arab Emirates 2-32.3-29.3-22.6-17.1-15.3-13.0-13.6
Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Table 10.Oil Exporters: Central Government Non-Oil Revenue(In percent of non-oil GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Oil exporters14.713.815.115.817.117.916.5
Algeria16.517.516.917.617.418.518.7
Azerbaijan 122.222.124.327.431.931.931.9
Bahrain12.310.510.410.29.78.88.7
Iran10.39.610.111.612.411.111.5
Iraq 23.97.56.85.36.6
Kazakhstan 223.326.025.027.025.228.728.3
Kuwait38.222.925.829.936.437.239.2
Libya21.516.821.917.020.322.222.0
Oman14.816.613.613.915.314.618.3
Qatar25.931.235.634.241.444.044.6
Saudi Arabia11.59.812.811.212.415.113.1
Syria 218.017.820.322.322.822.723.5
Turkmenistan 215.710.713.613.212.89.910.7
United Arab Emirates 316.810.613.416.319.320.619.9
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Including tax credits granted to the State Oil Company for underpayments by domestic consumers for energy deliveries.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Including tax credits granted to the State Oil Company for underpayments by domestic consumers for energy deliveries.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Table 11.Central Government Total Expenditure and Net Lending(In percent of GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia27.328.127.227.128.228.327.5
Oil exporters28.929.328.427.928.829.228.3
Algeria 131.035.132.525.628.232.232.2
Azerbaijan 223.128.525.922.729.028.628.5
Bahrain29.229.526.426.327.026.124.8
Iran20.922.822.828.529.828.025.7
Iraq 3120.896.668.569.162.7
Kazakhstan 323.022.622.122.320.224.124.4
Kuwait43.537.334.628.335.535.032.9
Libya35.839.143.440.434.040.537.0
Oman38.539.539.835.233.836.332.3
Qatar36.029.431.332.934.735.130.6
Saudi Arabia34.433.332.129.630.530.431.1
Syria 328.131.431.428.427.626.627.6
Turkmenistan 321.319.418.919.714.616.919.0
United Arab Emirates 435.828.224.921.421.721.321.3
Low-income countries23.224.124.426.526.426.827.5
Afghanistan8.514.013.914.718.420.220.9
Armenia22.418.917.118.317.719.119.8
Djibouti32.336.337.536.837.437.036.4
Georgia 319.818.718.924.929.229.528.0
Kyrgyz Republic 330.327.227.728.428.732.331.9
Mauritania 330.547.237.733.728.329.832.3
Sudan9.515.318.223.423.722.523.3
Tajikistan 318.219.120.323.021.731.034.2
Uzbekistan 339.733.431.629.529.230.331.6
Yemen 331.135.334.236.835.635.935.5
Emerging markets25.226.825.525.827.627.126.1
Egypt 331.235.233.933.237.735.432.9
Jordan34.835.838.338.338.440.336.5
Lebanon36.335.431.831.235.938.735.1
Morocco 527.226.026.529.027.226.526.2
Pakistan 318.618.516.417.218.519.219.6
Tunisia27.827.126.626.926.725.825.3
Memorandum
CCA27.025.424.324.024.226.727.1
MENA Of which28.929.929.329.230.430.129.0
GCC35.632.931.328.329.429.429.1
Maghreb30.833.032.329.529.431.831.2
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excludes special accounts and net lending.

Expenditures do not include statistical discrepancy.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Net lending includes balance on special treasury accounts.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Excludes special accounts and net lending.

Expenditures do not include statistical discrepancy.

General government.

Consolidated accounts of the federal government, and the emirates Abu Dhabi, Dubai, and Sharjah.

Net lending includes balance on special treasury accounts.

Table 12.Total Government Debt(In percent of GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia67.861.755.046.740.336.033.0
Oil exporters55.042.635.624.419.816.013.9
Algeria71.943.836.628.223.218.715.8
Azerbaijan22.021.820.213.310.810.39.2
Bahrain29.036.934.730.627.724.022.3
Iran28.426.426.322.219.715.714.3
Iraq 1390.1229.2115.490.983.3
Kazakhstan 121.114.911.48.16.65.85.4
Kuwait40.023.017.411.87.66.55.8
Libya48.626.71.61.10.90.00.0
Oman27.616.315.39.57.46.05.0
Qatar60.241.627.819.315.012.110.1
Saudi Arabia96.782.065.038.927.920.115.0
Syria 1133.4121.0109.756.851.349.750.1
Turkmenistan 142.113.69.25.43.32.01.3
United Arab Emirates 15.56.68.49.310.110.611.0
Low-income countries111.998.382.068.354.549.946.3
Afghanistan
Armenia41.540.932.424.318.717.916.8
Djibouti61.970.069.564.260.756.958.0
Georgia 165.759.745.735.728.622.018.7
Kyrgyz Republic 1117.4106.992.785.174.771.667.7
Mauritania213.1259.1232.7175.5119.2127.6108.0
Sudan180.6149.9125.0105.483.273.767.7
Tajikistan 1102.864.843.142.333.635.842.2
Uzbekistan 142.941.635.128.220.817.615.4
Yemen 163.356.852.143.838.937.337.3
Emerging markets80.287.583.481.773.668.664.2
Egypt 182.7114.8112.9112.898.888.583.1
Jordan 1106.799.691.884.281.575.469.7
Lebanon143.8168.6167.1178.7178.1173.4142.7
Morocco69.660.658.461.757.257.154.7
Pakistan 181.174.567.862.957.354.651.0
Tunisia 160.260.559.458.354.052.450.6
Memorandum
CCA37.031.025.119.415.313.612.4
MENA Of which68.363.056.347.240.435.732.6
GCC67.554.943.827.520.415.712.7
Maghreb68.351.143.739.735.332.930.5
Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

General government.

Table 13.Exports of Goods and Services(In billions of U.S. dollars)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia294.5427.5571.6773.1930.11,034.21,159.1
Oil exporters228.0339.9466.2650.2787.2872.8978.7
Algeria17.326.034.148.857.461.869.6
Azerbaijan1.93.14.28.314.020.629.4
Bahrain5.97.99.111.813.516.117.0
Iran25.439.549.870.884.294.399.2
Iraq17.819.928.632.337.6
Kazakhstan9.314.922.630.541.648.554.8
Kuwait16.324.933.851.760.863.971.2
Libya11.015.120.831.439.445.455.7
Oman9.812.314.119.522.924.226.9
Qatar9.914.720.729.438.850.563.9
Saudi Arabia66.699.1132.0187.5217.1226.4245.2
Syria6.48.79.812.012.514.314.4
Turkmenistan2.23.74.25.37.59.311.0
United Arab Emirates46.170.093.2123.2149.3165.2182.8
Low-income countries11.417.321.225.630.535.140.1
Afghanistan1.32.01.71.92.02.12.2
Armenia0.50.91.01.31.41.71.9
Djibouti0.20.30.30.30.30.50.6
Georgia0.91.31.82.53.13.64.0
Kyrgyz Republic0.60.71.01.01.41.92.3
Mauritania0.40.40.50.71.51.41.5
Sudan1.42.63.85.06.07.89.7
Tajikistan0.71.01.20.60.70.70.7
Uzbekistan3.23.84.85.46.48.09.2
Yemen3.24.35.06.87.97.47.9
Emerging markets55.170.384.297.3112.3126.4140.3
Egypt15.118.022.928.033.038.444.2
Jordan3.84.86.06.67.78.99.9
Lebanon6.48.710.511.313.313.714.8
Morocco10.914.216.619.322.525.728.7
Pakistan10.013.715.117.820.321.222.6
Tunisia8.910.813.214.415.518.520.1
Memorandum
CCA19.229.540.955.076.094.3113.4
MENA Of which265.3384.3515.6700.3833.8918.81,023.1
GCC154.6228.9302.9423.1502.3546.2606.9
Maghreb48.566.685.2114.6136.2152.7175.7
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 14.Imports of Goods and Services(In billions of U.S. dollars)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia265.3350.9465.6563.1674.7800.7902.3
Oil exporters179.3248.5340.1410.0491.6589.6666.4
Algeria12.116.321.824.625.338.344.7
Azerbaijan2.34.86.37.08.18.69.6
Bahrain4.76.27.08.69.610.912.0
Iran20.539.349.055.064.873.980.9
Iraq24.325.026.937.238.3
Kazakhstan9.113.318.925.532.839.643.4
Kuwait12.616.519.224.527.432.437.8
Libya6.28.810.713.215.825.631.1
Oman6.88.310.613.116.418.619.3
Qatar5.26.78.313.321.326.733.3
Saudi Arabia51.559.270.788.3113.9137.5160.0
Syria5.68.210.512.815.016.416.9
Turkmenistan2.33.44.13.93.65.46.6
United Arab Emirates40.457.778.595.1110.6118.7132.6
Low-income countries14.021.626.233.140.447.653.0
Afghanistan2.74.34.45.05.66.06.4
Armenia1.01.41.52.02.43.13.7
Djibouti0.30.30.30.40.40.70.8
Georgia1.41.92.73.64.85.86.5
Kyrgyz Republic0.70.91.11.42.33.43.8
Mauritania0.60.71.21.81.61.71.8
Sudan2.33.44.77.710.010.812.5
Tajikistan0.81.11.51.21.62.42.6
Uzbekistan3.13.13.94.14.45.36.3
Yemen3.34.54.96.07.38.58.6
Emerging markets72.180.899.3120.0142.7163.5182.9
Egypt21.419.623.330.238.244.953.4
Jordan5.77.09.411.913.014.415.9
Lebanon11.012.615.214.916.018.019.3
Morocco12.316.019.823.026.231.635.2
Pakistan12.114.017.725.633.235.338.1
Tunisia9.611.713.914.416.119.221.0
Memorandum
CCA20.829.940.048.660.073.582.4
MENA Of which232.5307.0407.9488.9581.4691.8781.7
GCC121.1154.5194.5242.9299.2344.7395.0
Maghreb40.853.567.477.185.0116.4133.7
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 15.Current Account Balance(In billions of U.S. dollars)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia26.469.596.9214.7265.8249.4281.3
Oil exporters32.565.195.6219.4275.1264.3297.3
Algeria3.98.811.121.229.224.425.7
Azerbaijan-0.6-2.0-2.60.23.19.817.7
Bahrain0.00.20.41.62.02.92.8
Iran5.30.81.416.619.421.021.3
Iraq-9.7-0.25.7-1.60.7
Kazakhstan-0.6-0.30.3-1.1-1.8-2.1-1.2
Kuwait6.99.418.232.741.339.140.4
Libya4.25.27.417.324.319.724.4
Oman0.60.90.32.73.01.73.2
Qatar2.65.97.114.216.422.329.5
Saudi Arabia4.628.152.090.195.583.181.8
Syria0.80.2-0.8-1.2-2.1-2.1-2.6
Turkmenistan-0.10.30.10.93.43.44.0
United Arab Emirates4.87.610.324.335.942.849.5
Low-income countries-1.5-1.0-1.0-2.0-3.3-4.7-3.9
Afghanistan-0.10.10.20.0-0.1-0.1-0.3
Armenia-0.3-0.2-0.2-0.2-0.1-0.3-0.4
Djibouti0.00.00.00.0-0.1-0.1-0.2
Georgia-0.3-0.4-0.6-0.6-1.1-1.5-1.7
Kyrgyz Republic-0.10.00.10.1-0.2-0.6-0.6
Mauritania0.0-0.2-0.5-0.90.0-0.2-0.2
Sudan-1.2-1.4-1.4-3.0-5.5-5.0-4.8
Tajikistan0.00.0-0.1-0.1-0.1-0.4-0.5
Uzbekistan0.00.91.21.93.24.34.9
Yemen0.50.20.20.60.6-0.6-0.1
Emerging markets-4.65.42.3-2.7-6.0-10.2-12.1
Egypt-1.01.93.42.90.91.81.2
Jordan0.21.20.0-2.3-2.0-2.0-2.1
Lebanon-3.4-2.6-3.3-2.9-1.4-2.5-2.4
Morocco0.51.61.01.42.20.50.2
Pakistan-0.14.11.8-1.5-5.0-7.1-8.0
Tunisia-0.7-0.7-0.6-0.3-0.7-0.9-1.0
Memorandum
CCA-2.0-1.7-1.71.16.412.422.1
MENA Of which28.567.296.8215.1264.4244.1267.2
GCC19.552.188.3165.6194.1191.8207.3
Maghreb7.814.718.438.754.943.649.1
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 16.Current Account Balance(In percent of GDP)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia2.96.88.114.815.612.712.5
Oil exporters5.49.210.920.021.117.417.2
Algeria7.113.013.120.725.619.418.4
Azerbaijan-12.3-27.8-29.81.315.731.439.9
Bahrain0.12.34.011.912.817.215.2
Iran5.10.60.98.88.77.66.6
Iraq-37.6-0.511.4-2.50.9
Kazakhstan-2.5-0.90.8-1.8-2.2-2.2-1.1
Kuwait19.919.730.640.543.037.835.3
Libya12.321.524.341.648.129.930.7
Oman1.43.91.28.78.44.17.1
Qatar13.325.322.433.431.033.835.7
Saudi Arabia2.113.120.728.527.422.220.1
Syria4.00.8-3.2-4.1-6.1-5.6-6.6
Turkmenistan-6.22.70.65.115.313.012.5
United Arab Emirates7.18.610.018.322.022.623.0
Low-income countries-3.5-1.7-1.5-2.4-3.1-3.6-2.6
Afghanistan-3.73.03.70.5-1.4-1.4-2.4
Armenia-13.8-6.8-4.5-3.9-1.4-4.0-4.2
Djibouti-5.33.4-1.31.2-8.9-14.5-18.8
Georgia-9.1-9.3-12.2-9.8-13.8-15.7-15.2
Kyrgyz Republic-9.2-2.24.93.2-6.6-17.9-15.1
Mauritania-4.3-13.6-34.6-47.2-1.3-6.8-7.0
Sudan-9.7-7.8-6.5-10.7-14.7-10.7-8.5
Tajikistan-3.7-1.3-3.9-2.5-2.9-11.6-12.5
Uzbekistan0.18.710.113.618.821.121.0
Yemen5.41.51.63.83.2-2.9-0.6
Emerging markets-1.82.00.8-0.8-1.6-2.4-2.6
Egypt-1.12.44.33.20.81.40.8
Jordan2.311.60.0-17.9-14.0-12.6-11.9
Lebanon-19.9-13.2-15.5-13.6-6.2-10.6-9.4
Morocco1.23.21.72.43.40.70.2
Pakistan-0.24.91.8-1.4-3.9-4.9-4.9
Tunisia-3.7-2.9-2.0-1.1-2.3-2.6-2.7
Memorandum
CCA-4.1-3.0-2.21.14.77.210.7
MENA Of which3.67.79.517.418.414.814.4
GCC5.512.818.426.927.224.323.5
Maghreb5.38.79.116.620.914.514.5
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 17.Real Effective Exchange Rates(CPI-based; annual average percent change; increase indicates appreciation)
Average 1998–20022003200420052006
Middle East and Central Asia-0.6-8.4-2.91.12.8
Oil exporters0.2-6.7-3.00.72.1
Algeria-2.4-9.50.6-3.90.1
Azerbaijan-3.9-10.7-3.56.68.9
Bahrain0.4-7.7-6.7-2.8-2.9
Iran4.6-2.11.16.34.1
Iraq
Kazakhstan-3.3-3.65.83.17.8
Kuwait1.7-7.2-5.12.10.9
Libya-10.3-13.9-9.0-5.6-6.7
Oman-0.4-8.7-6.3-1.33.1
Qatar2.3-5.7-0.17.18.3
Saudi Arabia0.1-8.5-6.7-2.6-0.5
Syria-4.63.4-0.21.710.3
Turkmenistan16.8-6.1-3.62.44.2
United Arab Emirates3.1-6.8-3.52.04.1
Low-income countries-5.3-8.00.23.97.9
Afghanistan-5.26.08.31.8-0.4
Armenia0.8-9.04.19.76.6
Djibouti3.1-9.3-3.6-1.1-1.2
Georgia-1.7-6.55.63.33.2
Kyrgyz Republic-3.9-0.6-3.21.21.5
Mauritania-1.2-8.6-1.18.51.3
Sudan0.7-1.21.710.315.9
Tajikistan-2.0-5.40.3-5.5-2.7
Uzbekistan-18.9-22.1-8.2-6.5-2.0
Yemen6.0-3.44.34.09.7
Emerging markets-1.2-12.4-3.11.63.6
Egypt-1.4-29.1-4.18.45.0
Jordan2.6-7.2-3.9-0.32.6
Lebanon3.0-10.7-6.8-4.12.2
Morocco0.1-1.0-1.2-1.81.2
Pakistan-2.6-0.1-1.80.25.3
Tunisia-0.7-5.1-3.5-4.5-0.4
Memorandum
CCA-8.1-9.21.31.95.6
MENA Of which0.2-9.1-3.31.12.3
GCC0.9-7.9-5.5-0.41.4
Maghreb-3.3-7.4-2.0-3.5-0.8
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Sources: Data provided by country authorities; and IMF staff estimates and projections.
Table 18.Gross Official Reserves(In billions of U.S. dollars)
Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia162.5261.0332.3451.1625.7786.2949.6
Oil exporters122.3196.9261.8374.6531.0674.2823.5
Algeria12.932.943.156.277.8103.4129.6
Azerbaijan0.60.81.11.22.55.16.6
Bahrain1.21.41.61.91.04.45.6
Iran12.524.733.346.359.976.092.0
Iraq4.75.77.912.019.727.429.2
Kazakhstan2.35.09.37.119.119.920.0
Kuwait7.17.78.39.012.619.126.6
Libya10.519.525.639.359.279.7105.4
Oman2.63.63.64.53.44.51.4
Qatar1.32.93.44.65.46.58.1
Saudi Arabia 145.259.887.9153.2225.2277.1341.0
Syria12.517.918.118.217.216.716.2
Turkmenistan
United Arab Emirates12.715.118.721.327.934.341.8
Low-income countries4.88.010.412.516.420.725.2
Afghanistan0.00.00.00.00.00.00.0
Armenia0.40.50.60.81.11.41.6
Djibouti0.10.10.10.10.10.10.2
Georgia0.10.20.40.50.91.51.7
Kyrgyz Republic0.30.40.50.60.80.91.1
Mauritania0.10.00.00.10.20.20.3
Sudan0.10.51.32.11.71.72.2
Tajikistan0.10.10.20.20.30.30.3
Uzbekistan1.21.72.12.94.76.58.7
Yemen2.54.45.15.36.88.19.2
Emerging markets35.356.160.064.078.391.3100.8
Egypt16.414.814.819.323.028.232.6
Jordan2.44.74.84.76.26.66.5
Lebanon5.910.39.69.611.411.112.3
Morocco6.613.716.316.120.223.124.5
Pakistan1.99.510.69.810.814.316.2
Tunisia2.13.04.04.46.88.08.7
Memorandum
CCA5.18.614.213.229.335.740.0
MENA Of which155.5242.9307.5428.1585.6736.2893.4
GCC70.190.5123.4194.3275.5346.0424.5
Maghreb32.169.289.1116.1164.2214.3268.4
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Saudi Arabia Monetary Agency gross foreign assets.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Saudi Arabia Monetary Agency gross foreign assets.

Table 19.Total Gross Public and Private External Debt

(In percent of GDP) 1

Average 1998–20022003200420052006Est.2007Proj. 2007
Middle East and Central Asia37.834.132.028.829.528.727.3
Oil exporters28.623.522.820.823.724.924.3
Algeria49.634.325.716.84.94.43.9
Azerbaijan 218.619.718.512.510.09.58.4
Bahrain54.051.262.453.864.9153.6144.9
Iran10.012.714.312.710.47.05.2
Iraq379.0219.5110.586.679.5
Kazakhstan65.874.375.876.090.786.678.9
Kuwait31.525.620.520.417.616.715.4
Libya19.523.218.313.411.08.47.0
Oman35.818.717.812.212.711.410.2
Qatar 397.456.747.348.156.761.159.9
Saudi Arabia16.111.19.49.710.811.411.7
Syria91.177.373.223.319.416.917.4
Turkmenistan41.313.39.05.43.32.01.3
United Arab Emirates 329.618.724.030.847.053.656.6
Low-income countries88.080.467.768.556.040.838.3
Afghanistan13.214.012.8163.4146.119.318.7
Armenia43.839.133.122.418.915.614.1
Djibouti53.066.868.460.555.656.462.8
Georgia52.346.239.431.027.728.035.0
Kyrgyz Republic117.5103.595.285.578.165.157.7
Mauritania237.4223.2210.8132.994.997.295.5
Sudan176.3144.6119.999.375.463.957.5
Tajikistan110.983.855.850.940.942.947.3
Uzbekistan32.241.936.028.922.719.517.5
Yemen60.345.038.530.827.325.023.9
Emerging markets48.851.850.044.641.737.833.9
Egypt30.636.137.932.228.823.719.8
Jordan 487.274.566.156.651.945.939.8
Lebanon134.3174.8187.5189.9197.9195.4185.8
Morocco46.133.729.524.324.022.220.2
Pakistan44.739.934.031.128.126.124.1
Tunisia61.871.269.162.360.759.556.2
Memorandum
CCA51.459.558.755.162.556.750.4
MENA Of which36.332.029.925.725.826.125.0
GCC26.418.518.119.424.729.430.4
Maghreb45.239.533.124.718.316.615.1
Sources: Data provided by country authorities; and IMF staff estimates and projections.

Nominal GDP is converted to U.S. dollars using period average exchange rate.

Public and publicly guaranteed debt, as private debt data are not reliable.

Includes mostly foreign liabilities of commercial banks and private institutions that are more than offset by their foreign assets.

In line with the authorities’ reporting, excludes deposits of nonresidents held in the banking system, equivalent to about 7 percent of GDP as of end-2005.

Sources: Data provided by country authorities; and IMF staff estimates and projections.

Nominal GDP is converted to U.S. dollars using period average exchange rate.

Public and publicly guaranteed debt, as private debt data are not reliable.

Includes mostly foreign liabilities of commercial banks and private institutions that are more than offset by their foreign assets.

In line with the authorities’ reporting, excludes deposits of nonresidents held in the banking system, equivalent to about 7 percent of GDP as of end-2005.

1

The Maghreb countries comprise Algeria, Libya, Mauritania, Morocco, and Tunisia.

2

GCC countries comprise Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (U.A.E.).

3

Oil exporters comprise Algeria, Azerbaijan, Bahrain, Iran, Iraq, Kazakhstan, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Syria, Turkmenistan, and the U.A.E. Low-income countries (LICs) comprise Afghanistan, Armenia, Djibouti, Georgia, the Kyrgyz Republic, Mauritania, Sudan, Tajikistan, Uzbekistan, and Yemen. Emerging markets are Egypt, Jordan, Lebanon, Morocco, Pakistan, and Tunisia.

4

This transformation is portrayed with a series of photographs depicting then and now.

5

Participating countries comprise Afghanistan, Azerbaijan, the People’s Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, and Uzbekistan.

6

MENA (Middle East and North Africa) refers to the following countries: Algeria, Bahrain, Djibouti, Egypt, Iran, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, the U.A.E., and Yemen.

7

Sukuk (Islamic bonds) are financial instruments that make payments to investors over the life of the bond, derived from the profits or returns of the underlying physical assets. They are similar to asset-backed bonds but do not pay a predetermined annual interest rate.

8

The number of MCD countries that have removed foreign exchange restrictions on payments and transfers for trade in goods and services has increased from 7 in 1992 to 26 in 2007.

9

As reported in the World Bank’s Word Development Indicators.

10

Data on unemployment are available for only 17 MCD countries (six oil-exporting countries, six LICs, and five emerging market countries).

11

Because of the large differences in the size of the individual country economies, weighted averages are dominated by the indicators of seven large economies, five of which are oil exporters. In the following analysis, both MCD-wide and country group averages are provided.

12

CCA countries comprise Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.

13

In particular, prices of aluminum (Tajikistan), copper (Armenia and Georgia), cotton (Tajikistan, Turkmenistan, and Uzbekistan), gold (Armenia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan), and ferrous and scrap metals (Georgia).

14

Sovereign wealth funds are investment vehicles that manage government foreign exchange assets, typically separately from the management of official reserves. The funds invest in more diversified, higher-yielding portfolios than the normal reserve portfolios of central banks.

15

Following the de facto exchange rate regime classification in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions(AREAER, 2007), countries are classified into fixed regimes(Bahrain, Djibouti, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Sudan, Syria, Turkmenistan, the U.A.E., Uzbekistan and Yemen) and adjustable regimes(Afghanistan, Algeria, Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, and Tunisia). Adjustable regimes comprise crawling pegs, managed floating with no predetermined path for the exchange rate, and independent floating.

16

The Shua’a index includes the GCC countries, Egypt, Jordan, Lebanon, Morocco, Tunisia, and West Bank and Gaza.

17

Based on the IMF’s October 2007 World Economic Outlook.

18

The APSP is a simple average of the spot prices for West Texas Intermediate, Dubai Fateh, and U.K.-dated Brent.

19

However, in a few cases (e.g., Azerbaijan and Qatar) fiscal expansion is running against supply constraints and some signs of overheating have emerged. In these countries, improving the phasing and monitoring of large investment projects that are carried out by governments and quasi-public entities is required.

20

Recent empirical evidence for GCC countries shows very little response of the current account to the real exchange rate, but a significant response of the current account to fiscal policy. This is because most of the oil revenue goes to the state and saving/spending decisions are governed more by fiscal policy rather than relative prices.

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