performance mainly in services, but also industry (apart from oil mining) and agriculture. The oil and
gas sector was in decline, although at a slower rate than in the previous year. Revenues from oil and
gas were estimated to have declined by 1.3 %, relative to a decline of 13.1 % in 2018. The sharp
decline in oil prices since the third quarter of 2019 has posed major challenges to the country's
current account balance and public finances. Oil contributes close to 90 % of export revenues and
roughly 75 % of the country's total budget revenues.
(d) Using a business cycle diagram and information from (Text 1, Paragraph 2), explain whichphase of the business cycle is the Uranian economy currently operating at. [4 marks)
(d) Using a business cycle diagram and information from (Text 1, Paragraph 2), explain which
phase of the business cycle is the Uranian economy currently operating at. [4 marks)
- Paragraph 2 Economic Growth Is Estimated To Have Been 6 In 2019 Owing To Continued Strong Performance Mainly In Serv 1 (20.08 KiB) Viewed 33 times
- Paragraph 2 Economic Growth Is Estimated To Have Been 6 In 2019 Owing To Continued Strong Performance Mainly In Serv 2 (20.08 KiB) Viewed 33 times