Oman economy logged 8 per cent GDP growth rate at the end of 2017
July 23, 2018 | 9:52 PM
by ONA

Muscat: The Sultanate’s economy was growing at a rate of 8 per cent by the end of the fourth quarter of 2017, data issued by the National Centre for Statistics and Information (NCSI) revealed.

The Gross Domestic Products (GDP) increased by 8 per cent at the end of the fourth quarter, while the value added for oil activities increased by 20.8 per cent. Value added for non-oil activities rose by 3 per cent.

The total non-oil revenue increased by end of 2017 by OMR1 billion compared to 2016 to reach OMR6.2 billion.

The statistics of the quarterly report on the “analysis of the economic condition in the Sultanate” pointed to the reduction in current expenses by 4.3 per cent and investment expenses by 9.3 per cent.

At current prices the GDP increased from OMR25.7 billion by end 2016 to OMR27.8 billion by end of 2017, due to the increase in oil prices from $40. 1 per barrel in 2016 to about $51.3 per barrel in 2017. The total revenue increased to OMR8.5 billion compared to OMR7.6 billion by end of 2016, a growth of 11.9 per cent, according to NCSI data.

Subscribe to our newsletter and be the first to know all the latest news