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A novel algorithm to efficiently compute time-harmonic fields produced by known two-dimensional source constellations is proposed. The algorithm relies on domain decomposition and comprises two steps to be repeated for each subdomain. In the first step, phase, and amplitude compensated fields, produced by currents residing within each subdomain are computed over a sparse set of points surrounding the observation domain. During the second step, total fields in the observer domain are evaluated by interpolation, phase and amplitude restoration and aggregation of subdomain fields. The proposed approach is applied to the fast iterative analysis of scattering phenomena using the method of moments.