Balance Sheet

The U.N. survey of the Middle East's economy in 1952-53, issued last week, was a story of growth and gaps: P: Agricultural output (mostly because of Turkey's strides) rose 7%, but trade among the nations of the region declined, and the area's unfavorable balance of trade with the outside world rose. P: The area's proved oil reserves (half the world's reserves in 1952) rose another 18.6%. Crude output also increased 15.1% over the previous year. This brought in a whopping $500 million in royalties. Saddening note: less than a fifth of the amount was plowed back into the needy regions for development. Much of the remaining income was apparently salted away abroad.

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