Data and projections: April 2018

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  GDP share 2017 Real GDP growth (% y/y) Inflation (% y/y) Fiscal bal. (% GDP)
  PPP MER Q4 - 17 2017 2018p Mar - 17 2017 2018p 2017 2018p
Middle East 100.0% 100.0% - 1.3 2.6 3.5 4.4 5.7 -6.5 -4.5
GCC 61.2% 71.8% - -0.2 1.9 2.4 0.5 3.7 -5.4 -3.5
Saudi 32.4% 33.7% -1.2 -0.8 1.7 2.8 -0.8 3.7 -8.9 -7.3
UAE 12.5% 18.6% - 0.5* 2.0 3.4 2.0 3.7 -1.8* -1.4
Qatar 6.2% 8.2% 1.8 1.6 2.6 0.4 0.4 4.2 -1.6* 2.8
Kuwait 5.3% 5.9% - -2.9 1.3 0.6 1.9 3.9 4.0* 7.1
Oman 3.4% 3.7% - -0.3* 2.1 0.1 1.6 2.5 -11.4* -5.7
Bahrain 1.3% 1.7% 3.4 3.9 3.0 2.6 1.4 2.9 -13.2 -11.6
Non-GCC 38.8% 28.2% - 5.1 4.5 6.5 14.6 10.9 -9.4 -7.3
Egypt 21.9% 11.7% 5.3 4.2 5.2 13.3 29.6 20.1 -11.4* -10.0
Iraq 12.0% 9.7% - -0.1 3.1 0.8 0.2 2.0 -3.8 0.3
Jordan 1.6% 2.0% 1.8 2.0 2.5 4.4 3.3 1.5 -2.6 -0.4
Lebanon 1.6% 2.5% - 1.2* 1.5 5.4 4.5 4.3 -7.3* -10.6
Libya 1.2% 1.5% - 55.0 16.4 18.7 28.5 24.3 -43.0 -39.3
Palestinian Territories 0.4% 0.7% 5.4 3.1 3.0 -2.1 0.2 1.6 -8.4* -7.8

Sources: PwC analysis, National statistical authorities, IMF (WEO, April 2018) estimates for 2017 (*) and projections for 2018. ^Libya inflation Feb-18, Iraq Dec-17

Notes: The Middle East region is defined here based on PwC’s business coverage, excluding non-Arab countries and two conflict affected countries (Syria and Yemen).

Chart of the quarter

In a recent PwC report “The potential impact of AI in the Middle East”, we estimated that Artificial Intelligence (AI) related technologies could contrib- ute around $320bn to the region’s economy by 2030, with the UAE and Saudi Arabia seeing the largest impacts, in both absolute and relative terms. The biggest benefits could be to the retail sector and public service delivery. The UAE was the first country in the world to appoint a Minister for AI, in October 2017, and also has a national strategy to take advantage of the emerging technology. The Gulf’s high-capital economy combined with large amounts of low skilled labour make it particularly ripe for transformation from AI.

Contact us

Hani Ashkar

Hani Ashkar

Middle East Senior Partner, PwC Middle East

Tel: +971 4 304 3100

Stephen Anderson

Stephen Anderson

Middle East Strategy and Markets Leader, PwC Middle East

Tel: +971 4 304 3100

Richard Boxshall

Richard Boxshall

Middle East Senior Economist, PwC Middle East

Tel: +971 4 304 3100

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