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GDP is an important indicator of a nation's economic performance. It has many components which contribute to the growth of the economy. Oil is a minor component of GDP and therefore it is to be expected that should the price of oil be subjected to a shock, there will be an effect on GDP, whether GDP decreases or increases is dependent on whether the nation is a net importer of oil ,and vice versa. The data used in this analysis is the quarterly growth rate not the total amount of production.
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