OMAN’S GDP AT CURRENT PRICES REACHES OMR32BN

The rise is due to jump in oil revenues and manufacturing activities

The gross domestic product (GDP) rate of Oman at current prices increased by 30.4 percent to reach OMR32 billion until the end of September 2022, compared to the same period in 2021.

This was revealed in the first edition of the ‘Quarterly National Accounts Indicators’ report issued by the National Centre for Statistics and Information (NCSI).

The new report reviews the most important indicators at current and constant prices, the growth rates of economic activities, and the most important indicators supporting an increase in GDP until the end of September 2022.

The report attributed this rise to the high growth rate of oil activities until the end of September 2022 at current prices, by 72.5 percent compared to the same period in 2021, which is the highest among economic activities, in addition to the high growth rate in manufacturing activities, achieving 65.6 percent during the same period.

On the other hand, the growth rate of construction activity decreased by 2.2 percent until the end of September 2022 at current prices compared to the same period in 2021.

The report stated that the value of the gross domestic product (GDP) at constant prices of the Sultanate of Oman until the end of September 2022 recorded an increase of 4.5 percent to reach OMR26 billion, compared to the same period in 2021.

This increase is mainly attributed to the growth of oil activities until the end of September 2022 by 12 percent at constant prices, which is considered the highest among economic activities, in addition to the increase in the growth rate of service activities by 5 percent.