Indicators confirm Omani economy’s recovery: Al Rahbi

Muscat: Macroeconomic indicators show the recovery of the Omani economy in the first half of 2018, as the gross domestic product at current prices reached about OMR15 billion, growing at a rate of 15 per cent, affirmed Talal bin Sulaiman Al Rahbi, Deputy Secretary General of the Supreme Council for Planning (SCP) .
Al Rahbi said that oil activities led this growth, which grew by 37 per cent driven by the positive performance of natural gas production with 98 per cent and the components of non-oil activities, which depend on it.
Non-oil activities at current prices also showed a positive growth of 5 per cent, reaching OMR9.9 billion compared to OMR9.4 billion in the same period last year. He said that Oman is reaping the fruits of economic diversification with faster growth in the promising sectors, as evidenced by the growth of the tourism sector (21 per cent), manufacturing sector (14 per cent), mining sector (7.5 per cent), farm and fisheries (3 per cent), transport, storage and communications (3.7 per cent).
He added that it is expected that the gross domestic product at current prices by the end of 2018 will reach OMR30.1 billion, with a growth rate of (13.3 per cent), according to the Omani macroeconomic model.
This model 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, which is expected to reach OMR21.1 billion, in addition to the positive contribution to the oil sectors which amounted to OMR10.7 billion.
He said that the Supreme Council for Planning is currently working on a number of projects, the most important of which is the National Urban Development Strategy, as well as the project to prepare the future vision Oman 2040, which will be the most important activities of the National Vision Conference at the end of January 2019. He pointed out that in an affirmation of the Royal directives of His Majesty the Sultan regarding the importance of involving the various groups of the society in the national plans and strategies, the Secretariat General of the Council is implementing these directives through communication initiatives, seminars, workshops, virtual labs in social media platforms and other media platforms, in order to serve the construction and progress of the country.
He added that the Council has carried out a number of studies and strategies, some of which have entered implementation stage, including the establishment of the logistics city, the strategy of Musandam, Masirah, North and South Al Batinah, as well as many other projects.