GDP at market prices falls 5.1pc, petroleum activities down 27.5pc

MUSCAT: The Sultanate’s GDP at producer prices declined 7.8 per cent to RO 25.50 billion last year compared with prior year figures, while GDP at market prices fell 5.1 per cent to RO 25.48 billion, according to the latest statistical update from the National Centre for Statistics and Information (NCSI).

Petroleum activities declined 23.7 per cent to RO 6.98 billion while nonpetroleum activities rose 0.6 per cent to RO 19.28 billion. Crude petroleum decreased 27.5 per cent to RO 5.79 billion while natural gas increased 2.7 per cent to RO 1.18 billion. Agriculture and fishing grew 16.3 per cent to RO 506 million while industry activities fell 3.7 per cent to RO 5.13 billion.

Mining and quarrying went up 5.4 per cent to RO 139.6 million, even as manufacturing declined 17.2 per cent to RO 2.15 billion. Basic chemical manufacturing fell 26.5 per cent to RO 864.7 million while electricity and water increased 5.4 per cent to RO 548.3 million. Construction went up 10.5 per cent to RO 2.28 billion. Services activities strengthened 1.8 per cent to RO 13.64 billion. Wholesale and retail trade fell 16.7 per cent to RO 1.90 billion while hotels and restaurants declined 0.3 per cent to RO 249.1 million. Transport, storage and communications fell 8 per cent to RO 1.42 billion. Financial intermediation grew 3.6 per cent to RO 1.55 billion along with real estate services, which showed a 6.2-per cent increase at RO 1.35 billion. Public administration and defence too logged a growth of 11.3 per cent at RO 3.79 billion.

Other services grew 7.1 per cent to RO 3.35 billion last year compared with 2015 figures.