Table of Contents
GDP growth slowed markedly in 2016 to an estimated 1.5%. This reflected the cumulative impact of plunging oil prices on government spending, economic confidence and liquidity. A larger drop was prevented by growth in crude output (2.4%) and gas output (2.6%).
A further slowdown in growth is forecast to 0.4% in 2017. Growth will be depressed by cuts in oil production and further fiscal austerity, though the various benefits of rising oil prices (up about 20% on average) should prevent a recession.
The budget deficit is expected to narrow from around 21% of GDP in 2016 to just under 11% of GDP this year, with most of the financing expected to come from external sources to reduce the squeeze on domestic liquidity.
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Oil And Gas