Gross Domestic Product stands at RO 18.2 billion

MUSCAT: The Sultanate’s Gross Domestic Product (GDP) fell by 16.5 per cent, reaching RO 18.189 billion at current market prices by the end of September 2020, according to the data released by the (NCSI).

There was a fall in petroleum activities by 24.4 per cent at the end of September 2020, registering RO 5,790.9 billion, compared to RO 7,662.21 billion at the end of September 2019. The share of crude petroleum from among petroleum activities was RO 4,638.9 billion, which is a decrease of 28.3 per cent from the end of September 2019, when it was RO 6,468.5 billion. The activities of natural gas also decreased by 3.5 per cent, reaching RO 1,152 billion compared to RO 1,193.6 billion at the end of September 2019.

Total non-petroleum activities fell by 12.4 per cent to RO 13,152.8 billion. Services activities were at the forefront of non-petroleum activities, which was RO 9,285.4 billion, down by 10.6 per cent over RO 10,385.2 billion at the end of September 2019. Hotels and restaurants, wholesale and retail trade, and transport, storage and communication rose by 35.7 per cent, 31.4 per cent and 17.5 per cent, respectively.

On the real estate services, financial intermediation and pubic administration and defence activities decreased by 14.2 per cent, 10.1 per cent and 2.1 per cent, respectively.

Industrial activities fell by 19.8 per cent to RO 3,296.4 billion at the end of September 2020. The manufacturing of basic chemicals sector fell by 28.8 per cent, manufacturing, construction, and other manufacturing industries also fell by 24.6 per cent, 21 per cent and 20.4 per cent.

Electricity, and water supply increased by 1.1 per cent, whereas other mining and quarrying fell by 0.4 per cent. The activities related to agriculture and fishery sectors showed an increase of 9.8 per cent to reach RO 571 million by end of September 2020, compared to RO 520.1 million at the end of September 2019.