Sultanate’s economy gets going

SECTOR VALUE AT A GLANCE

The Supreme Council for Planning (SCP) has said that the sultanate’s non-oil activities have jumped from RO17.7bn in 2015 to RO19.5bn in 2018 while the value of oil activities have grown from RO11.6bn in 2015 to about RO12bn in 2018.

The SCP on Wednesday discussed several issues concerning the country’s economy, public and private investments and key economic projects.

The fourth meeting of SCP was held under H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry

and the Deputy Chairman, in the presence of other SCP members.

The council reviewed Oman’s economic performance report, indicators related to the gross domestic product of the targeted sectors in the ninth five-year plan

during the second quarter of 2019 compared to the same period in 2018.

SCP reviewed the government development expenditures as of September 2019 which were RO1.9bn compared to RO1.75bn

in the same period of 2018.

The council also reviewed the contribution of the five economic diversification sectors that the current plan focuses on at the end of 2018 compared to the target.

The contribution of the tourism sector reached RO789mn (2.6 per cent of GDP), the logistics services sector at RO1.7bn (5.5 per cent of GDP), the manufacturing sector at RO3bn (10.2 per cent of GDP), and the fisheries sector at RO374mn (1.3 per cent of GDP).

The Supreme Council for Planning reviewed the report on the follow-up of strategic and major development projects, as well as projects of economic diversification sectors.

It discussed the performance of national programmes, in addition to economic measures taken to stimulate the economic growth, improve the business and investment environment, and enhance the role of the private sector, in addition to other topics on the agenda.