Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
Morocco’s tourism sector has undergone a major shift in recent years in large measure due to the implementation of the Moroccan National Tourism Office’s (ONMT) Vision 2020 programme, which seeks to attract 20m tourists by 2020. The programme also aims at raising the country’s “sun and surf” profile, boosting annual revenues to Dh140bn (€12.43bn), increasing hotel bed capacity to 375,000 and...
Selected by the current government as a pillar for growth, the tourism sector contributes more than 8% to national GDP and is the fourth-most-important source of foreign currency. With the exception of 2009, tourist arrivals have increased steadily from 22.9m in 2008 to 23.7m in 2013. Foreign exchange inflows generated by the sector also registered an increase of 8.5% in 2013, reaching a...
The second-largest economy in Latin America, Mexico seems poised to enter a new growth phase as the government of Enrique Peña Nieto implements radical changes in a number of sectors across the economy. The reforms, aimed at raising the competitiveness of the Mexican economy, have the potential to establish Mexico’s position as a regional powerhouse.
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