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CHAPTER ONE
Developments in Global Markets
to changes in prices, both in the case of the rise or fall. However,
growth of energy consumption in 2012 in Arab countries has been
affected by the first two key factors, namely GDP and population
.
The third factor(energy prices in the local markets). This did not
have any significant impact on energy consumption in the Arab
countries in 2012, simply because it did not witness any increases
during the year, with the exception of the Kingdom of Jordan. The
following paragraphs provide a brief overview of changes in both
GDP and population.
1- GDP:
The Arab region has been affected by the acute
political developments witnessed by many Arab countries since the
beginning of 2011 and continued their repercussions in 2012. These
developments gave a gloomy shadow over some Arab countries
economies.
The data published in the Joint Arab Economic Report for 2012
show that the GDP at constant prices inArab countries has a moderate
growth of 2.4% in 2011. The GDP at current prices increased in the
Arab countries from $2000 billion in 2010 to $2365 billion in 2011,
or by 18%, as shown in
Figure (1-14)
.
In 2011, it is noted that the extractive industries sector witnessed
an increase in its relative importance in GDP as its value added, at
current prices, increased by 35.2%, and accounts for 40.7% of GDP
in 2011 compared with 35.5% in 2010. It goes without saying that
the main reason for this growth is the rise in crude oil prices in the
global oil markets, thus increasing the value of petroleum exports
to Arab countries. Crude oil prices in the global markets marked a
historic level in 2011 as they surpassed the $100/b barrier in the first
quarter of the year to average $ 108/b in the fourth quarter.
