Driven by oil revenues, GDP grows by 15.1pc

MUSCAT: The gross domestic product (GDP) of the Sultanate grew by 15.1 per cent at the current prices, driven by increase in oil activities, especially natural gas activities, which grew by 23.2 per cent.

This was revealed by the Oman Economic Performance Report, which was reviewed by the Supreme Council for Planning during its fourth meeting of the year held under the chairmanship of Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, the council’s Deputy Chairman.

The report also said that the contribution of non-oil sectors increased during the same period by 5.1 per cent.

The council discussed the progress of the development projects and the achievements within the framework of the Ninth Five-year Development Plan (2016-2020), including economic diversification plans until October this year, as well as the executive steps and procedures taken for the strategic projects adopted by the council, and means to address the challenges facing the implementation of some of these projects.

The council also reviewed the steps taken by the secretariat of the council on the National Urban Development Strategy.

It approved the mechanism of integration between the strategic and development projects being implemented in the Governorate of South Al Batinah and the necessary measures to ensure comprehensive and sustainable development through these projects.