Oman’s economy shrinks 1.9 percent in first half of 2019

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Oman’s economy shrank by 1.9 percent in nominal terms in the first half of 2019, hurt by a decline in the its non-oil sector, the country's central bank said in a report on Monday.

Like many economies in the Middle East, Oman’s state finances have been affected by a recent slump in oil prices.

This year’s economic decline emanated from the “non-petroleum industrial activities and services sector,” the report said.

The non-oil part of the economy contracted 3.4 percent in nominal terms in the period January to June. The hydrocarbon sector grew by 2.1 percent in the same period, with nominal gross domestic product (GDP) from crude oil and natural gas increasing by 1.5 percent and 5.6 percent, respectively.

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