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FINANCIAL NEWS
Oman’s economy slows by 12.2pct
02 Oct 2016
(MENAFN) Oman’s economy slowed down last year as well as in the first few months of this year with the sustained decline in crude oil prices.Accordingly, the Sultanate pointed to 12.2 percent decline in the first quarter of this year compared with the first quarter of 2015.Moreover, nominal GDP derived from the petroleum sector contracted by 34 percent and that from the non-petroleum sector recorded a decline of 2.4pct.Omani crude oil fetched an average price of USD35 per barrel amid the first half of this year compared to USD59.3 per barrel amid the same period of 2015.
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