1.2 Macro-Economic Outlook
Following 16% growth in 2001 and declines of approximately 6% in both 2002 and 2003, non-oil GDP
is expected to grow only modestly in the near-term4
. GDP grew at approximately 2 % in 2004,
reflecting increased agricultural productivity and significant expansion in banking sector activity. The
2004 census indicates that the population growth rate is well above 3%. This is contributing to a
declining per-capita GDP, which dropped to US$ 405 in 2004, from US$ 478 in 2003.