GDP rises to more than OMR13b

MUSCAT: Oman’s Gross Domestic Product rose to more than OMR13 billion by the end of the second quarter of 2017 (June), according to government data.

The Sultanate’s GDP increased by 12.3 per cent at the end of the second quarter of 2017, recording current prices of OMR13,1,400,000, compared to the amount recorded at the end of the second quarter of 2016 — OMR11,577,800,00 — according to the National Centre for Statistics and Information.

The oil industry led to a growth of 34.9 per cent, recording OMR4,229,300,00 compared to OMR3,134,100,000 during the same period of 2016. The share of crude oil at the end of the second quarter was OMR3,583,800,000, an increase of 42.3 per cent compared to the second quarter of 2016, in which it recorded OMR2,518,900,000. Natural gas increased by 4.9 per cent to OMR645,400,000 from OMR615,200,000 at the end of the second quarter of 2016.

By the end of the second quarter of 2017, total non-oil activities amounted to OMR9,134,700,000, an increase of 3.8 per cent over the end of the second quarter of 2016, and the contribution of non-oil activities amounted to OMR8,798,300,000.

Wholesale and retail trade rose by 13.5 per cent, transport, storage and communications by 7.8 per cent, hotels and restaurants by 1.6 per cent, and real estate and business activities by 6.4 per cent.

Mining and quarrying is also on the up with 9.4 per cent growth and manufacturing rose by 5.7 per cent , electricity and water supply went up by 5.9 per cent, but the construction sector decreased by 7.1 per cent, according to statistics.