Oxford Economic Country Briefings, February 8th, 2008
Highlights and Key Issues
* High oil and gas prices have boosted revenues and hence government spending, meaning that non-oil sector activity offset largely static output in the energy sector last year. As a result, GDP growth is put at around 5% in 2007 and is forecast to rise to almost 6% this year as a further surge in oil revenue feeds through the non-oil economy.
* Given the large hydrocarbon resources and investment planned over the next five years, the medium-term outlook is positive. GDP growth should maintain a 4-5% pace as energy sector diversification continues and as FDI flows in...
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