CAIRO [MENL] -- Egypt's economy is outperforming many of its Arab neighbors,
including those in the oil-rich Gulf region.
The International Monetary Fund said Egypt's gross domestic product has
been increasing steadily over the last three years. Egypt's GDP increased
from five percent in 1997 to 5.4 percent in 1998 and to six percent in 1999.
The IMF said Egyptian oil revenue constituted 8.1 percent of total
public sector revenue from 1997-1998. Last month, Egypt announced a huge oil
and natural gas find in the Mediterranean.
The Egyptian performance outpaced those of Egypt's far richer neighbors
in the Middle East. This included those in the oil-rich Gulf.
The IMF said Iran's GDP has declined steadily over the last three years.
Iran's GDP dropped from three percent in 1997 to 1.7 percent in 1998 and to
1 percent in 1999. The IMF attributed this to a drop in oil prices. Oil
revenue accounts for 54 percent of total public sector revenue from
1997-1998.
In Kuwait, the GDP also sustained a similar decline. Kuwait's GDP
dropped from 2.5 percent in 1997 to 2.2 percent in 1998 to minus 1.1 percent
in 1999, the IMF said. Oil exports comprise 59.8 percent of total public
sector revenue from 1997-1998.
In Saudi Arabia, the decline in GDP was even greater. The Saudi GDP
dropped from 2.7 percent in 1997 to 1.6 percent in 1998 to minus 2 percent
in 1999, the IMF said.
Saudi oil revenue was 67.2 percent of total public sector revenue from
1997-1998.
Over the last six months, oil prices have risen steadily to their
highest levels in nine years.
