Oman's economy witnesses 12.7% growth in Q3

Muscat: The Sultanate of Oman's economy has witnessed growth by 12.7 per cent by the end of the third quarter of 2021.

The Ministry of Economy said in a statement: "As a result of economic stimulus and Economy Diversification efforts, the Omani economy continues its growth trend recording a 12.7 per cent growth by the end of 3rd Qtr 2021. The manufacturing industries recorded the highest growth rate this year of 25.8 per cent."

According to the ministry, 12.7 per cent is the average GDP growth rate at current prices, while by the end of 3rd Quarter of 2020 it was less by 16.5 per cent, the growth rate of total non-oil activities reach 7.8 percent OMR 17.6 billion contribution to GDP and the total of oil activities increased by 26.5 per cent with OMR 7.4 billion contribution to GDP.

The ministry added, the Sultanate's economy registered OMR 24.2 billion GDP as of September 2021 compared to OMR 21.5 billion GDP in September 2020.