https://d5nxst8fruw4z.cloudfront.net/atrk.gif?account=pUuXo1IWhd10Ug
logo
Oman's oil activity increases by 2.1% to reach OMR5.1 billion
January 28, 2020 | 7:24 PM
by Times News Service
Photo: File
 
Sharelines

Muscat: The value-added of oil activities reached OMR5.1 billion at the end of the second quarter of 2019, compared to OMR5 billion at the end of the same quarter of 2018. The increase in the value-added of crude oil by about 1.5 per cent, which reached OMR4.3 billion, has contributed to the increase in the value added of oil activities, according to the statistical data issued by the National Centre for Statistics and Information (NCSI).

The statistics included in the analysis of the economic situation of the second quarter shows that the value added of natural gas increased by 5.6 per cent to reach OMR793.5 million, compared to OMR751.6 million at the end of the same quarter of 2018.

The data also show that the total value added of non-oil activities by the end of the second quarter of 2019 reached OMR9.6 billion, decreased by about 3.4 per cent compared to the end of the same quarter of 2018.

Due to the decline in the value added of manufacturing industries, which was down by 11.8 per cent, the added value of industrial activities recorded a decrease by 9.6 per cent at the end of the second quarter of 2019.



According to the same NCSI data, the value added of service activities sector has decreased by 1.4 per cent, while the value added of the agriculture and fish has increased by 4.1 per cent.

The gross domestic product (GDP) at the current prices has declined by about 1.9 per cent at the end of the second quarter of 2019, reaching OMR14 billion, compared to OMR14.3 billion at the end of the same quarter of 2018.



The state’s general budget recorded a decline in the deficit value by 53 per cent, with OMR660.6 million at the end of the second quarter of 2019 compared to OMR1.4 billion at the end of the same quarter of 2018.

The state’s total revenue increased by 11.4 per cent, recording about OMR5.5 billion by the end of the second quarter of 2019, compared to OMR4.9 billion at the end of the same quarter of the previous year. In contrast, total public expenditure declined by 2.8 per cent, recording OMR6.2 billion.

In foreign trade indicators, the NCSI data show that due to a decline in the value of merchandise imports by about 9.5 per cent, which reached OMR4.5 billion, the surplus in the trade balance at the end of the second quarter of 2019 rose by OMR424.4 million, compared to the end of the same quarter of the previous year, which reached OMR2.9 billion.

The value of merchandise imports decreased by the end of the second quarter of 2019 by 0.6 per cent, recording OMR7.4 billion, compared to OMR7.5 billion at the end of the same quarter of 2018.

In the monetary situation indicators, the total domestic liquidity (M2) increased by 4 per cent at the end of the second quarter of 2019, recording about OMR17.3 billion, compared to OMR16.6 billion at the end of the same quarter of the previous year. The money supply (M1) increased by 0.1 per cent, recording about OMR5.26 billion.

The total deposits of the private sector increased by 4.6 per cent at the end of the second quarter of 2019, recording about OMR14.9 billion, compared to OMR14.2 billion in the same quarter of the previous year.

The total value of loans and financing granted by the commercial banks and Islamic windows increased by 5.9 per cent at the end of the second quarter of 2019, reaching OMR25.7 billion, compared to OMR24.3 billion at the end of the same quarter of the previous year of 2018. The total value of personal loans also increased by 2.4 per cent, recording OMR8.5 billion, while the average interest rate on total credit reach was 5.4 per cent compared to 5.2 per cent at the end of the same quarter of the previous year.

The total value of foreign assets in the Central Bank of Oman declined by 0.1 per cent, recording about OMR6.12 billion by the end of the second quarter of 2019, compared to OMR6.13 billion at the end of the same quarter of 2018.

The purchasing power of the Omani rial increased by 1.2 per cent by the end of the second quarter of 2019, as the real exchange rate index scored about 104.7 points, compared to about 103.5 points at the end of the same quarter of the previous year.

The complete statistical data of the economic situation of the Sultanate for the second quarter of 2019 can be accessed on the website of NCSI.



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