ME’s 2012 GDP growth at 3.8%

25 May 2012

(MENAFN) The Institute of Chartered Accountants in England & Wales (ICAEW) revealed that gross domestic product (GDP) growth for Middle East countries is expected to be at 3.8 percent for the current year, reported Arabian Business.

The ICAEW added that growth in the region is forecasted to be notably higher than the global average; moreover, it could come close to the growth level expected for emerging markets, in part as a result of higher oil prices.

On the other hand, growth in 2013 is expected to slow to 3.3 percent, due to weak demand from China and India for energy products.

It is worth noting that economic growth for countries in the Middle East and North Africa (MENA) region is expected to grow to 4.2 percent in 2012, according to the International Monetary Fund (IMF) compared with 3.5 percent in 2011.

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