IMF expects MENA oil exporters to record USD400b surplus in 2012

11 Nov 2012

(MENAFN) The Middle East and North Africa (MENA) oil exporters are expected to achieve a total current account surplus of USD400 billion in 2012, the international Monetary Fund (IMF) said in its latest forecast.

The IMF’s Regional Economic Outlook for the Middle East and Central Asia, expected the oil-exporting countries to post a solid 5.1 growth this year, mainly due to Libya’s better-than-expected post-conflict recovery. MENA posted a 3.3 percent growth in 2011, it added.

Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the UAE and Yemen, are expected to grow by 6.6 percent in 2012 before moderating in 2013.

The report said that GCC, where most of MENA oil comes from, remains robust, supported by expansionary fiscal policies and accommodative monetary conditions.

However, it warned that the region’s growth would cool down to 3.75 percent in 2013 from 7.5 percent in 2011, as oil production reaches a plateau.

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