EconSource: Egypt’s current account hits deficit of $1.4 billion in first quarter
Egypt’s current account recorded a $1.4 billion deficit from July to September, in contrast to a $610 million surplus in the same period last year when Gulf states provided billions of dollars in aid. According to a statement by the Egyptian central bank, the deficit was driven by a wider trade gap and a contraction in net transfers which was offset by a rise in foreign direct investment due to a jump in net inflows to the oil sector to $948.1 million from $377.6 million.

[Reuters, Zawya, 12/30/2014]

Libya managing scant oil output as fighting shuts major ports

According to officials, Libya is producing 128,000 barrels of oil a day from fields connected to the far eastern port of Hariga,  a fraction of the 1.6 million barrels a day it produced prior to 2011. Fighting continues to halt work at the major ports of Ras Lanuf and Es Sider, where several oil storage tanks have been on fire for days due to clashes. Official figures show that the fires destroyed more than two days of the country’s production. The western ports of Zawiya and Mellitah have also had to halt oil exports as the conflict shut down the connecting fields of El Sharara and El Feel. [Reuters, 12/29/2014]

Attacks on energy infrastructure “big challenge” to Yemen economy

Yemen’s economy is on the brink of collapse due to the deepening financial problems, which are mostly blamed on repeated attacks on oil infrastructure. This past year, authorities reported around eighteen attacks on the main Marib pipeline alone. The latest attack on the pipeline was on November 26 and left a hole in the pipe leaking crude for more than a month. According to a report from the oil and minerals ministry, the leak amounts to around 52.000 barrels so far and local tribes have prevented the authorities from fixing the damage. All attacks resulted in production disruptions at Marib and Shabwa oilfields, which in return has been reflected in the budget deficit and fund shortages. The national economy depends largely on oil revenues, which account for around 70 percent of budget resources. [Yemen Post, 1/4/2015]

Moroccan economy grows 2.9 percent

Morocco’s High Commission for Planning reported that Morocco’s GDP grew 2.9 percent in the third quarter of 2014 compared to the 4.1 percent in the same period the year before. According to the source an overall 3.7 percent increase in non-agricultural activities and a 1.6 percent shrink in agricultural activities was recorded. The general added value registered in economic activity rose 2.9 percent compared to the 3.8 percent in the same period in 2013. [MAP, 12/31/2014]

Jordan’s GDP up by 3.1 percent in third quarter

According to the Department of Statistics, Jordan’s economy grew by 3.1 percent at constant market prices during the third quarter of 2014. Most sectors recorded positive growth during the period from July to September compared with the results achieved during the same period in 2013, with the mining industry recording the highest growth rate at 43.7 percent.  [Zawya, 1/1/2015]

Also of Interest:
Egypt: Key economic decrees in 2014 | Daily News Egypt
Egypt proves best destination for stock market investors | Financial Times
Morocco’s economy on track for growth | Financial Times (subscription)
Algeria sees 42 billion euro budget deficit on weaker oil | Ahram Online
Syrian economy in ruins, Assad dependent on Iran | Daily Sabah
Iraq oil exports soar but low prices hit revenue | Arab news
Tunisia: Flow of foreign investment down 8.6 percent | TAP