CONSENSUS FORECAST. Israel April Contributors ISRAEL 2 NOTES 13

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1 CONSENSUS FORECAST ISRAEL 2 NOTES 13 PUBLICATION DATE 14 FORECASTS COLLECTED 7 April - 13 INFORMATION AVAILABLE Up to and including 13 NEXT EDITION 12 May 2015 Contributors ARNE POHLMAN Chief ARMANDO CICCARELLI Head of Research RICARDO ACEVES Senior RICARD TORNÉ Senior OLGA COSCODAN CARL KELLY TERESA KERSTING DIRINA MANÇELLARI ANGELA BOUZANIS CECILIA SIMKIEVICH ROBERT HILL ERIC DENIS MIRIAM DOWD Editor

2 LONG-TERM TRENDS 3-year averages Outlook stable GDP growth for Q came in at 6.8% according to more detailed data, which is a downward revision from the previous estimate of 7.2%. Nevertheless, the increase marked a significant improvement over the previous quarter s weak growth of just 0.2%. More recent data, however, point to a deceleration of the economy at the outset of the year. In February, the Bank of Composite State of the Economy Index deteriorated and exports recorded the deepest contraction in four months. In the political sphere, the right-wing Likud party led by incumbent Prime Minister Benjamin Netanyahu came in first in the 17 March snap elections, winning 30 seats in the next Parliament. After being officially designated as PM, Netanyahu has until the first weeks of May to negotiate with the other parties to form a coalition. s economic prospects remain positive. However, geopolitical conflicts in the region could pose a risk to the growth outlook going forward. FocusEconomics panelists expect GDP to expand 3.0% in 2015, which is unchanged from last month s estimate. For 2016, the panel sees GDP growth picking up to 3.3%. Consumer prices dropped 1.0% over the same month last year in February, which was down from January s 0.5% drop. Despite growing deflation risks, the Bank of decided to keep its policy rate at 0.10% on 23 March. FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015 and 1.6% in Dirina Mançellari Percentage of votes Shas 5.8% The Jewish Home 6.7% Kulanu 8.3% Other 14.2% Yesh Atid 9.2% Joint List 10.8% Note: Percentage of votes. Source: i Central Elections Committee (ICEC) Likud 25.0% Zionist Union 20.0% POLITICS Benjamin Netanyahu set to take on fourth term as PM The right-wing Likud party led by incumbent Prime Minister Benjamin Netanyahu won the 17 March snap elections with a voter turnout of 72%, thus indicating no major changes in the direction of economic policymaking for the next four years. The Likud party secured 30 seats in the next parliament, or Knesset, which was a much better result than what had been foreseen in opinion polls. Isaac Herzog, Netanyahu s main competitor and the leader of the left-wing Zionist Union, managed to win 24 seats a result that was broadly in line with the pre-election ballots. Surprisingly, the Joint List union, an alliance of four Arab-dominated parties, took third place with 13 seats. i election procedures require the country s president to consult with the leaders of all the parties elected in the next Knesset regarding which candidate they recommend to take the office of PM. Netanyahu s strong support among the center-right leaning parties gave him an advantage over Herzog and President Reuven Rivlin officially designated Netanyahu Prime Minister late last month. Netanyahu now has until the first weeks of May to form a coalition government. In the most likely scenario, the governing coalition will consist of the Likud party and the right-leaning Jewish Home and Yisrael Beiteinu parties, the FocusEconomics Consensus Forecast 2

3 ultra-orthodox United Torah Judaism and Shas parties, as well as the centerright Kulanu party. This combination will give Netanyahu control over 67 seats in the Knesset, which is above the 6 more seats than necessary for a majority. The new government can only take office after it secures a vote of confidence in Parliament. Netanyahu s continuation of leadership will likely not spell any major changes to the direction of economic policymaking. Matt Spivack, analyst at Frontier Strategy Group comments: Investors seem confident that Prime Minister Benjamin Netanyahu s victory ensures certainty on domestic policies, the budget in particular. For example, both energy and pharmaceutical stocks saw an uptick after the Likud victory. Energy is an important sector for investment given development of offshore oil resources. Pharmaceuticals are expected to benefit from the next budget, as health spending was a top priority entering the election campaign. Conversely, more uncertainty is expected on issues regarding foreign policies. The PM s recent hawkish statements on the creation of a Palestinian state could lead to a derailing of the peace process. In addition, the potential closure of a historic deal between the West and Iran could exacerbate relations between and the Obama administration. REAL SECTOR Economic growth accelerates in Q4 In Q4 2014, GDP increased 6.8% over the previous quarter in seasonally adjusted annualized terms (SAAR), according to more detailed data. The expansion was slightly below the 7.2% increase reported in the preliminary estimate, but significantly overshot the 0.2% increase tallied in the previous quarter. Q4 s result marked the fastest expansion since Q In the full year 2014, the economy grew 2.8%, which was revised down from the 2.9% expansion previously reported. Gross Domestic Product variation in % 6.0 The expansion in the fourth quarter came on the back of an improvement in both domestic and external demand. Private consumption expanded 7.9% in Q4, which was up from the 5.1% increase tallied in the previous quarter. In addition, growth in government consumption jumped from 5.5% in Q3 to 8.5% in Q4. Fixed investment rebounded from a 6.1% contraction in the third quarter to a 9.9% expansion in the fourth quarter. 4.0 % Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Note: Annual variation of GDP in %. Source: Central Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast. On the external front, exports of goods and services accelerated to a 12.7% increase in Q4, which was an improvement over the 1.3% rise seen in the third quarter. Contrary, imports contracted 2.9%, which contrasted the 14.9% increase tallied in the previous quarter. As a result, the external sector s net contribution to overall economic growth rebounded from minus 4.6 percentage points in the third quarter to plus 5.2 percentage points in the fourth quarter, which marked the highest level in a year. In annual terms, GDP expanded 3.3% in Q4, which was down from the 3.6% expansion reported in the preliminary estimate and was an acceleration from Q3 s 1.9% expansion. The Central Bank expects GDP to grow 3.2% in 2015 and 3.5% in FocusEconomics Consensus Forecast panelists foresee the economy growing 3.0% in 2015, which is unchanged from last month s estimate. For 2016, the panel projects that the economy will expand 3.3%. FocusEconomics Consensus Forecast 3

4 State of the Economy variation in % % % 2 REAL SECTOR BoI State of the Economy index slows slightly in February In February, the Bank of (BoI) Composite State of the Economy index increased 0.25% over the previous month, which was a slight deterioration over the revised 0.30% increase observed in January and marked the slowest increase in seven months. According to the Bank, the index s rate of increase in February was moderated by declines in import and export components and a decline in industrial production. Inflation Consumer Price Index % -0.5 Month-on-month s.a. (left scale) Year-on-year (right scale) Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 Note: BOI s Composite State of the Economy Index. Source: Bank of (BOI). Month-on-month (left scale) Year-on-year (right scale) Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Note: Year-on-year and month-on-month variation of consumer price index in %. Source: Central Bureau of Statistics (CBS) % -2.0 On an annual basis, the State of the Economy index rose 2.9% in February, which matched January s increase. January s print had marked the fastest increase since February last year. The annual average variation in the index was also stable at January s 2.5% in February. MONETARY SECTOR Consumer prices in February mark steepest fall in over seven years In February, consumer prices fell 0.7% over the previous month, which was above the 0.9% drop tallied in January. According to the Central Bureau of Statistics (CBS), February s reading reflected lower prices for food and housing. Consumer prices fell 1.0% in February over the same month last year, which was below the 0.5% decline registered in January and marked the sharpest fall since May As a result of February s decline, annual average inflation continued the downward trend that began in June 2014, falling from 0.3% in January to 0.1% in February, thus reaching the lowest level since October Core consumer prices, which exclude volatile items such as oil and vegetables, were flat over the same month last year, which was below the 0.1% increase seen in January. The Central Bank expects consumer prices to drop 0.1% in 2015 before increasing 1.7% in FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015, which is down 0.5 percentage points from the previous month s forecast. For 2016, the panel expects inflation to average 1.6%. Monetary Policy Rate in % % Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Note: Bank of policy rate in %, eop. Source: Bank of (BOI). MONETARY SECTOR Bank of decides not to change policy rate at latest meeting At its 23 March monetary policy meeting, the Bank of (BoI) decided to maintain the policy rate unchanged at 0.10%. The decision met market expectations. Last month, the Bank cut the policy rate by 15 basis points from 0.25% to 0.10% in order to bring the inflation rate within the target range. The BoI commented that in the first quarter of the year, economic activity indicators paint a mixed picture of the economy. Foreign trade data indicate that exports remain weak. A slight recovery was recorded in tourism, however, the numbers of tourist arrivals remains significantly lower than in the corresponding period last year. On the other hand, data from the labor market point to a continued improvement. Labor Force Survey data for January show that the unemployment rate inched down by 0.1 percentage points and that real wages increased in seasonally-adjusted terms. In February, consumer prices fell 0.7% over the same month last year. The Bank attributed the annual drop in consumer prices to lower electricity and energy prices as well as to a seasonal decline in prices for clothing and FocusEconomics Consensus Forecast 4

5 footwear. The Monetary Committee said that the decision to keep the policy rate at 0.10%, is intended to return the inflation rate to within the price stability target of 1-3 percent a year over the next twelve months, and to support growth while maintaining financial stability. FocusEconomics Consensus Forecast panelists expect the base rate to end 2015 at 0.13%. For 2016, panelists see the policy rate ending the year at 0.93%. Merchandise Trade 10 8 EXTERNAL SECTOR Trade surplus shrinks in February In February, exports totaled USD 4.9 billion (January: USD 5.0 billion), according to the Central Bureau of Statistics (CBS). The reading marked a 14.7% contraction over the same month last year, which was a deterioration over the 3.1% decline tallied in January Trade Balance (USD bn, left scale) Exports (yoy, right scale) Imports (yoy, right scale) Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Note: 12-month trade balance in USD billion and annual variation of the 12-month sum of exports and imports. Source: Central Bureau of Statistics (CBS) Meanwhile, imports totaled USD 4.8 billion in February, which was slightly above the USD 4.7 billion registered in January. February s reading marked a 18.1% decrease year-on-year, which followed the 24.3% drop tallied in January. The trade balance recorded a USD 100 million surplus in February, which contrasted the USD 100 million deficit recorded in the same month last year. However, the figure came in below the USD 300 million surplus observed in the previous month. FocusEconomics Consensus Forecast panelists expect exports to expand 4.1% in For next year, the panel expects exports to expand 6.6%. FocusEconomics Consensus Forecast 5

6 Economic Indicators FocusEconomics Consensus Forecast 6

7 Real Sector Gross Domestic Product 1 Real GDP var. in % 2 Real GDP Q1 12-Q4 16 var. in % Real GDP growth in % 3 GDP 2015 evolution of forecasts 4 GDP 2016 evolution of forecasts 5 Consumption variation in % 6 Consumption evolution of fcst Notes and sources Long-term chart period from 2000 to 2019 unless otherwise stated. All real sector data are from Central Bureau of Statistics (CBS). Forecasts based on FocusEconomics Consensus Forecast. 1 GDP, annual variation in %. 2 Quarterly GDP, year-on-year variation in %. 3 GDP, evolution of 2015 forecasts during the last 18 months. 4 GDP, evolution of 2016 forecasts during the last 18 months. 5 Private consumption, annual variation in %. 6 Private consumption, evolution of 2015 and 2016 forecasts during the last 18 months. 7 Gross fixed investment, annual variation in %. 8 Unemployment, % of active population. 9 General government balance as % of GDP. 10 Gross fixed investment, evolution of 2015 and 2016 forecasts during the last 18 months. 11 Unemployment, evolution of 2015 and 2016 forecasts during the last 18 months. 12 General government balance, evolution of 2015 and 2016 forecasts during the last 18 months. FocusEconomics Consensus Forecast 7

8 Real Sector Additional forecasts 7 Investment variation in % 8 Unemployment % of active pop. 9 Fiscal Balance % of GDP 10 Investment evol. of forecasts 11 Unemployment evolution of fcst 12 Fiscal Balance evolution of fcst FocusEconomics Consensus Forecast 8

9 Monetary Sector Inflation 15 Inflation in % 16 Inflation Q1 12-Q4 16 in % Inflation annual avg. var. of consumer price index in % 17 Inflation 2015 evolution of fcst 18 Inflation 2016 evolution of fcst 19 Wholesale Prices variation in % Money variation in % Notes and sources Long-term chart period from 2000 to 2019 unless otherwise stated. All monetary sector data are from Central Bureau of Statistics (CBS) and the Bank of (BoI). See below for details. Forecasts based on FocusEconomics Consensus Forecast. 15 Inflation, annual average variation of consumer price index (CPI) of %. Source: CBS. 16 Inflation, annual variation of quarterly average consumer price index (CPI) in %. Source: CBS. 17 Inflation, evolution of 2015 forecasts during the last 18 months. 18 Inflation, evolution of 2016 forecasts during the last 18 months. 19 Wholesale prices, annual variation in % (aop) Source: CBS. 20 Money, annual variation of M2 in % Source: BoI. FocusEconomics Consensus Forecast 9

10 Monetary Sector Interest Rate and Exchange Rate 23 Interest Rate in % 24 Interest Rate Q1 12-Q4 16 in % Interest Rate and Exchange Rate 25 Int. Rate 2015 evolution of fcst 26 Int. Rate 2016 evolution of fcst 27 Exchange Rate ILS per USD 28 Exchange Rate ILS per USD Notes and sources 29 ILS per USD 2015 evol. of fcst 30 ILS per USD 2016 evol. of fcst Long-term chart period from 2000 to 2019 unless otherwise stated. All monetary and external sector data are from Central Bureau of Statistics (CBS), the Bank of (BoI) and Thomson Reuters. See below for details. Forecasts based on FocusEconomics Consensus Forecast. 23 BoI Interest Rate in % (eop). Source: BoI. 24 Quarterly BoI Interest Rate in % (eop). Source: BoI. 25 Interest rate, evolution of 2015 forecasts during the last 18 months. 26 Interest rate, evolution of 2016 forecasts during the last 18 months. 27 Exchange rate, ILS per USD (eop). Source: Thomson Reuters. 28 Quarterly exchange rate, ILS per USD (eop). Source: Thomson Reuters. 29 Exchange rate, evolution of 2015 forecast during the last 18 months. 30 Exchange rate, evolution of 2016 forecast during the last 18 months. 31 Current account balance as % of GDP. Source: BoI. 32 Trade balance, imports and exports, in USD bn. Source: CBS. 33 International reserves, months of imports. Source: BoI. 34 Current account balance as % of GDP, evolution of 2015 and 2016 forecasts during the last 18 months. 35 Exports, annual variation in %. Source: CBS. 36 International reserves in USD bn, evolution of 2015 and 2016 forecasts during the last 18 months. FocusEconomics Consensus Forecast 10

11 External Sector Current Account, Trade and International Reserves 31 Current Account % of GDP 32 Trade Balance USD billion 33 Int. Reserves months of imports 34 Current Account evol. of fcst 35 Exports variation in % 36 Int. Reserves (USD bn) evol. of fcst FocusEconomics Consensus Forecast 11

12 Fact Sheet General Data Official name: State of Capital: Jerusalem (0.7m) Other cities: Haifa (0.27m) Tel Aviv (0.25m) Area (km2): 20,770 Population (million, 2014 est.): 8.04 Population density (per km2, 2014): 387 Population growth rate (%, 2014 est.): 1.5 Life expectancy (years, 2014 est.): 81.3 Illiteracy rate (%, 2004): 2.9 Language: Hebrew, Arabic Measures: Metric system Time: GMT+3 in the Region Population %-share in MENA region Other 35.3% Iraq 9.4% Algeria 10.2% 2.1% Egypt 22.5% Iran 20.5% GDP %-share in MENA region Other 36.0% Egypt 7.9% UAE 12.3% 9.2% Iran 12.7% Saudi Arabia 21.9% Economic Infrastructure Telecommunication (2013) Telephones - main lines (per 100 inhabitants): 44.8 Telephones - mobile cellular (per 100 inhabit.): 123 Internet Users (per 100 inhabitants): 70.8 Broadband Subscriptions (per 100 inhabitants): 25.7 Energy (2012) Primary Energy Production (trillion Btu): 95 Primary Energy Consumption (trillion Btu): 1,044 Electricity Generation (billion kw-h): 59.2 Electricity Consumption (billion kw-h): 53.1 Oil Supply (thousand bpd): 6.1 Oil Consumption (thousand bpd): 280 CO2 Emmissions (million metric tons): 80.4 Economic Structure GDP by Sector share in % GDP by Expenditure share in % Agriculture Manufacturing Other Industry Services Net Exports Investment Government Consumption Private Consumption Transportation (2013) Airports: 47 Railways (km): 975 Roadways (km): 18,566 Waterways (km): - Chief Ports: Ashdod, Elat, Hadera, Haifa 0 Trade Structure -20 Primary markets share in % Political Data Prime Minister Benjamin Netanyahu Last elections: 17 March 2015 Next elections: 2019 Central Bank Governor: Karnit Flug Long-term Foreign Currency Ratings Agency Rating Outlook Moody s: A1 Stable S&P: A+ Stable Fitch Ratings: A Stable Hong Kong 7.7% Other 23.2% Other Asia ex-japan 14.0% Exports U.K. 5.7% U.S.A. 27.8% Other EU % Other 30.4%, China 7.3% Primary products share in % Imports Other Asia ex-japan Germany 9.5% 6.3% U.S.A. 12.9% Switzerland 5.5% Other EU % Strengths Weaknesses Other 7.0% Food 7.2% Other 3.4% Open and diversified economy OECD membership since 2010 Highly educated work force Political and financial support from the US Natural gas production since mid from offshore reserves Stagnation on peace talks between and the Palestinians Large public debt Insecurity undermining economic potential Political fragmentation Exports Manufact. Products 93.0% Mineral Fuels 19.4% Imports Manufact. Products 70.0% FocusEconomics Consensus Forecast 12

13 Notes Notes and Statements PUBLICATION NOTE Consensus forecasts are mean averages of projections of economic forecasters surveyed by FocusEconomics for our monthly publication. Quarterly averages may not correspond to the annual figures due to different forecast panels. The GDP-weighted averages for the regional aggregates refer to economies surveyed by FocusEconomics on a monthly basis, and include the following countries: G7 (Group of Seven, 7 countries): Canada, Japan, United Kingdom and United States; France, Germany and Italy are also Euro area countries. Euro area (19 countries): Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain. Nordic Economies (5 countries): Denmark, Norway, Sweden and Iceland. Finland is also a Euro area member. Eastern Europe (14 countries): Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Turkey and Ukraine; Estonia, Latvia, Lithuania, Slovakia and Slovenia are also Euro area members. MENA (Middle East and North Africa, 16 countries): Algeria, Bahrain, Egypt, Iran, Iraq,, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, United Arab Emirates and Yemen. GCC (Cooperation Council for the Arab States of the Gulf, also known as Gulf Cooperation Council, 6 countries): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. Asia-Pacific (17 countries): Australia, Brunei, Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam. Latin America (23 countries): Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Puero Rico, Trinidad and Tobago, Uruguay and Venezuela. Additional Countries: South Africa and Switzerland. Weights are based on market exchange rates and reflect the latest forecasts on GDP growth, inflation and exchange rates. COPYRIGHT NOTE Copyright 2015 FocusEconomics S.L. Duplication, reproduction, transmission, publication or redistribution in any form or by any means electronic, mechanical, or otherwise without prior written consent of FocusEconomics S.L. is strictly prohibited. Please cite source when quoting. All rights reserved under International Copyright Conventions. The FocusEconomics Consensus Forecast Middle East and North Africa is a monthly publication of FocusEconomics. Communications to the Editor or FocusEconomics in general should be addressed as follows: FocusEconomics S.L. Gran Via 657, E Barcelona, Spain info@focus-economics.com DISCLOSURE STATEMENT The FocusEconomics Consensus Forecast Middle East and North Africa ( Forecast ) is based on information obtained from sources believed to be reliable. FocusEconomics and the participating panelists ( Information Providers ) do not guarantee that the information supplied in the Forecast is accurate, complete or timely. The Information Providers do not make any warranties with regard to the results obtained from the Forecast. The Information Providers are not responsible for any errors or omissions, or for any injuries or damages resulting from the use of this information, including incidental and consequential damages. Recipients should not regard the Forecast as a substitute for the exercise of their own judgement. The recommendations made in the Forecast may be unsuitable for investors depending on their specific investment objectives and financial position. The Forecast has been prepared solely for informational purposes and is not a solicitation of any transaction or an offer to enter into any transaction. Any opinions expressed in this report are subject to change without notice and the Information Providers are under no obligation to update the information contained herein. FocusEconomics Consensus Forecast 5

14 FocusEconomics Consensus Forecast reports cover economic forecasts for over 1,600 unique indicators in 95 countries. Every monthly report includes the Consensus Forecast for each indicator covered. The Consensus Forecast, based on an average of the forecasts provided by the most reputable economic research authorities in the world, is the one number you can rely on to make important business decisions. WHY CHOOSE REDUCE RISK SAVE TIME OPTIMIZE RESEARCH ANALYZE TRENDS ANTICIPATE DEVELOPMENTS Instantly diversify your intelligence portfolio with dozens of forecasts. Get just the information you need, all in one place. Streamline research efforts by utilizing our comprehensive survey of leading economists. Prepare for what may occur next by studying how forecasts have evolved over time. Gain key insight into political and economic developments in a country or region to assess the potential impact on business prospects. INDICATORS INCLUDED REAL SECTOR GDP per capita Economic Growth Consumption Investment Industrial Production Unemployment Rate Fiscal Balance Public Debt EXTERNAL SECTOR Current Account Trade Balance Exports Imports International Reserves External Debt REGIONS & COUNTRIES COVERED MONETARY & FINANCIAL SECTOR Money Inflation Rate Policy Interest Rate Exchange Rate ASIA PACIFIC Brunei, China, Cambodia, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore, Taiwan, Thailand, Vietnam, Australia & New Zealand CENTRAL AMERICA & CARIBBEAN Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Panama, Puerto Rico and Trinidad & Tobago EASTERN EUROPE Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Slovakia, Slovenia, Turkey & Ukraine EURO AREA Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia & Spain LATIN AMERICA Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay & Venezuela MAJOR ECONOMIES G7 countries (United States, Canada, Japan, United Kingdom, France, Eurozone, Germany & Italy); BRIC overview (Brazil, Russia, India & China); Switzerland MIDDLE EAST & NORTH AFRICA Algeria, Bahrain, Egypt, Iran, Iraq,, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, United Arab Emirates, Yemen; South Africa NORDIC ECONOMIES Denmark, Finland, Iceland, Norway and Sweden FocusEconomics Gran Via 657, 08010, Barcelona, Spain subscribers@focus-economics.com