Growth Forecast 2007: Troubles Looming On The Horizon

November 2006 | Economic Analysis

The non-oil economy grew by 11.7% y-o-y in Q306 (up from 11.1% in Q305), and the construction and the communication sectors experienced the fastest growth rates, rising by 32.2% y-o-y and 21.1% y-o-y respectively. Manufacturing, which represents the most important sector in the non-oil economy, increased by 10.1% y-o-y in Q306 (slightly down from 10.3% in Q305). The robust expansion of the non-oil economy was mainly a result of the government's large fiscal expenditure programme, boosting construction projects and private consumption alike. Strong indicators of buoyant

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