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FINANCIAL NEWS
MENA’s 2011 GDP up by 3.5%: IMF
18 Apr 2012
(MENAFN) The International Monetary Fund (IMF) said that in 2011, gross domestic product (GDP) of the Middle East and North Africa (MENA) region expanded by only 3.5 percent, compared with 4.9 percent a year earlier, reported Emirates 24/7.
The IMF added that economic growth was affected by the Arab Spring which negatively impacted tourism and capital flow, in addition to the resulting political upheaval.
It also said that economies of oil exporters, including Saudi, Iran, Libya and other Gulf countries, grew by only 4 percent, in spite of high oil prices.
Moreover, growth in oil-importing countries, including Egypt and Tunisia, expanded a modest 2 percent even after excluding violence-hit Syria.
It is worth noting that the IMF expects the region’s economy to grow by 4.2 percent in 2012 and by 3.7 percent next year.
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