2005 - OPEC

Table 1
World economic growth rates 2004–05
% change over previous period
Grouping/country 2004 2005
OECD 3.3 2.8
Other Europe 6.6 4.6
Developing countries 6.3 5.8
Africa 5.1 4.9
Latin America & Caribbean 5.9 4.7
Asia & Oceania 6.7 6.5
Asia-Pacific 6.0 5.1
OPEC 7.0 5.7
China 10.1 9.9
FSU 8.4 6.5
Total world 5.2 4.7
Member Country 2004 2005
Algeria 5.2 5.3
Indonesia 5.1 5.6
IR Iran 5.1 5.9
Iraq 46.5 –3.0
Kuwait 6.2 8.5
SP Libyan AJ 4.6 3.5
Nigeria 6.0 6.9
Qatar 9.3 5.5
Saudi Arabia 5.2 6.5
United Arab Emirates 7.8 8.0
Venezuela 17.9 9.3
Average OPEC 7.0 5.7
Sources (Table 1): Secretariat’s estimates; OECD, Main Economic Indicators; OECD, Economic Outlook; International Monetary
Fund (IMF), World Economic Outlook; IMF, International Financial Statistics.
Sources (Table 2): IMF, International Financial Statistics; IMF, World Economic Outlook; Economist Intelligence Unit (EIU), country
reports; official OPEC Member Countries’ statistics; Secretariat’s estimates.
Table 3
Table 2
Comparison: OPEC and non-OPEC developing countries
OPEC Member Countries’ real GDP
growth rates 2004–05
% change over previous period
2004 2005
OPEC non-OPEC OPEC non-OPEC
Real GDP growth rate (per cent) 7.0 6.2 5.7 5.9
Petroleum export value ($/bn) 353.7 130.8 510.5 179.8
Value of non-petroleum exports ($/bn) 165.8 1,408.5 178.8 1,601.3
Oil exports as percentage of total exports 68.1 8.5 74.1 10.1
Value of imports ($/bn) 289.9 1,571.4 365.7 1,829.2
Current account balance ($/bn) 136.4 86.4 218.7 70.4
Average Reference Basket price ($/b) 36.1 – 50.6 –
Crude oil production (mb/d) 29.1 10.7 29.9 11.2
Reserves ($/bn; excluding gold) 237.4 1,045.9 292.6 1,118.1
Note: Figures are partly estimated.
Sources: IMF, International Financial Statistics; IMF, World Economic Outlook; IMF, Direction of Trade Statistics; EIU, country
reports; World Bank Development Indicators; OPEC database; Secretariat’s estimates.
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