FINANCIAL NEWS

Oman’s economy contracts by 14.1 percent in 2015

05 Jul 2016

(MENAFN) Oman’s economy contracted last year after five years of growth, primarily on account of the drop in crude oil prices in the global market.

Furthemore, net exports faced a setback last year due to low oil prices, while prudent financial consolidation measures redcued government expenditure.

On the other hand, GDP contracted 14.1 percent in 2015, reflecting a reduction in two key constituents of aggreagte demand.

Accordingly, the creation of adequate employment chances for Omanis has been one of the main macro-economic objectives of the government in the recent years.

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