Geneva – The GDP of North Africa is expected to reach 5.0% in 2012 and 5.1 in 2013, against a decline of 0.5 registered in 2011, the UN Conference on Trade and Development (UNCTAD) said in a report entitled “world economic situation and prospects 2012”.
The economy of Libya is estimated to have contracted by 22 per cent in 2011, while Egypt, Morocco and Tunisia will all see a more pronounced increase in economic growth in 2012, largely due to the lower base for comparison in 2011.
In North Africa, Egypt, Morocco and Tunisia are expected to see lower current- account deficits in 2012.
At the same time, a recovery in oil production in Libya is projected to boost its current-account surplus to about 20 per cent of GDP in 2012.
