Muscat: Oman’s workforce grew in the third quarter of 2018, according to the latest RICS Middle East Construction and Infrastructure survey.
The region-wide survey highlighted a growing workforce due to future workload expectations. A total of 45 per cent of Oman-based correspondents reported hiring new employees during the quarter to support the new workload.
Respondents in Oman also expected workload to increase over the next 12 months, with the rise expected to outpace material price inflation in net balance terms.
Meanwhile, 47 per cent of respondents expected the communications workload to see the most significant rise, whereas, in Saudi Arabia, rail was expected to see the strongest growth in output.
The survey’s findings reflected the continued success of Oman’s rapidly expanding economy, which can be seen in every sector of the Sultanate.
The quarterly analysis of this year’s second quarter showed the GDP, based on contemporary oil prices, rise 15.1 per cent at the end of the quarter, compared to the same period last year.
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. The value 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 of non-oil activities reached OMR9.8 billion at the end of the second quarter of 2018. Industrial activities went up 5.7 per cent, while the value 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.