Growth in the Gulf States appears to have accelerated in recent months. Oil production has surged in Saudi Arabia and the UAE, at least in part as a response to supply disruptions in Libya. And in the non-hydrocarbon sector, activity remains robust. Domestic demand is being supported by rapid credit growth as well as rising government spending. Elsewhere in the region, Egypt’s political situation has calmed a little over the past few weeks. But the economy appears to have gone from bad to worse.
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