Oman GDP jumps by more than 15% in second quarter

Muscat: The Sultanate’s Gross Domestic Product (GDP) at current prices recorded a growth of 15.1 per cent, while the value added of non-oil activities increased by 5.1 per cent and those of oil by 37.1 per cent, according to data released by the National Centre for Statistics and Information (NCSI).
The quarterly analysis of the economic situation of the Sultanate revealed that the GDP at current prices increased from OMR12.8 billion at the end of the second quarter of 2017 to OMR14.7 billion at the end of the second quarter of 2018. This is attributed to the increase in oil prices from US$51.8 per barrel in the second quarter of 2017 to some $63.9 per barrel in the second quarter of 2018.
The value added of oil activities was OMR5.4 billion at the end of the second quarter of 2018 compared to OMR4 billion during the same period of 2017. Similarly, the value added of natural gas increased by 97.9 per cent to reach OMR1.3 billion at the end of the second quarter of 2018 compared to OMR0.6 billion at the end of the second quarter of 2017.
The value added of non-oil activities reached OMR9.8 billion at the end of the second quarter of 2018. The value added of industrial activities increased by 5.7 per cent, while the value added of service activities increased by 4.9 per cent, and agriculture and fisheries by 2.8 per cent compared to the end of the second quarter of 2017.
Regarding the general budget of the country, the value of the deficit in the general budget of the Sultanate by the end of the second quarter of 2018 dipped by some 42.3 per cent to record OMR1.4 billion compared to some OMR2.4 billion by the end of the second quarter of 2017.
Total revenues increased by 23.5 per cent to reach OMR4.9 billion compared to OMR4 billion at the end of the second quarter of 2017. Total public expenditure went up by 5.7 per cent to reach OMR6 billion.
In the foreign trade indicators, the report indicated that the trade balance at the end of the second quarter of 2018 increased by OMR1.2 billion to reach OMR2.7 billion. The surplus in the trade balance is attributed to the increase in commodity exports by 28.5 per cent to reach OMR7.7 billion.
The value of commodity imports increased by 10.4 per cent to reach OMR5.1 billion at the end of the second quarter of 2018 compared to OMR4.6 billion at the end of the second quarter of 2017.
In terms of cash position indicators, total domestic liquidity (M2) increased by 3 per cent to reach OMR16.6 billion at the end of the second quarter of 2018 compared to OMR16.1 billion at the end of the second quarter of 2017. The money supply (M1) declined by 3.1 per cent to reach OMR5.3 billion compared to OMR5.4 billion at the end of the second quarter of 2017.
Total private sector deposits increased by 4.7 per cent at the end of the second quarter of 2018 to reach OMR14.2 billion compared to OMR13.6 billion at the end of the second quarter of 2017.
The total value of loans and finance provided through commercial banks and Islamic windows increased by 6.1 per cent at the end of the second quarter of 2018 to reach OMR24.3 billion compared to OMR22.9 billion at the end of the second quarter of 2017. The total value of personal loans also increased by 2.9 per cent to reach OMR8.3 billion, while the average interest rate on total loans increased by 5.2 per cent compared to 4.9 per cent at the end of the second quarter of 2017.