Indicators show a recovering economy

26 Nov 2018

coins, flagOver the first half of 2018, macroeconomic indicators have proven that the Omani economy has been recovering.

Talal bin Sulaiman Al Rahbi, Deputy Secretary General of the Supreme Council for Planning (SCP), declared that the GDP at current prices reached around OMR15 billion, growing at a 15% rate as a result of a 37% growth in oil activities. This was mainly driven by the increase in natural gas production.

Non-oil activities also increased by 5%, reaching OMR9.9 billion compared to OMR9.4 billion in the same period last year. Additionally, faster growth has been recorded in some significant sectors – such as the tourism sector (21%), manufacturing sector (14%), mining sector (7.5%), farm and fisheries (3%), transport, storage and communications (3.7%).

Al Rahbi added that the gross domestic product at current prices is forecast to reach OMR30.1 billion by the end of this year, with a growth rate of 13.3% - according to the Omani macroeconomic model, which, as reported by Times of Oman, is consistent with the framework of the state’s budget for the same year, driven by an increase in the contribution of the non-oil sector.

He said that the Supreme Council for Planning is working on several projects at the current moment, including the most important of all, the National Urban Development Strategy.