Oman’s economy is experiencing expansion this year
The GDP of hydrocarbons jumps to 70. 9%, the non-oil GDP increases to 14. 9%, the productive industry increases to 65%, the sector increases to 11. 2%
Muscat: Oman’s economy is expanding markedly this year, as high oil prices, higher hydrocarbon production, and a more potent non-oil expansion have provided a much-needed spice to the country’s GDP.
The sultanate’s nominal GDP (gross domestic product in the existing market) registered a spectacular increase of 32. 4% in the first part of 2022, the fastest economic growth in more than a decade, according to official data released on Tuesday.
Nominal GDP jumped to RO 20. 261 billion in the first part of 2022, up from RO 15. 302 billion in the same era of 2021, according to data released by the National Center for Statistics and Information.
GDP figures show that Oman’s economic expansion is widespread, with all primary sectors (oil and gas, industry, mining and facilities) recording a strong expansion in the era from January to June this year.
Supported by rising oil costs and higher fuel production, hydrocarbon GDP rose 70. 9% to RO 7. 848 billion in the first part of the year, up from RO 4. 591 billion in the same era last year.
Oman’s oil production jumped 76. 8% to RO 6. 862 billion in the first part of 2022 from RO 3. 881 billion in the corresponding era of 2021, while herbal fuel production increased by 38. 8% to RO 986 million.
The International Monetary Fund recently stated that Oman’s economy strengthened and inflation contained. The sultanate’s real GDP is expected to grow by around 4. 5% in 2022, reaping the benefits of increased hydrocarbon production and the continued recovery of non-oil activities.
Last week, global rating firm Moody’s said Oman and Qatar are the two GCC countries that are expected to see the most significant innovations in their fiscal and economic strength due to existing oil prices.
Oman’s nominal non-oil GDP increased by 14. 9% to RO 13,106 million in the first part of this year, up from RO 11,409 million a year ago. Among the non-oil sectors, the production of the commercial sector increased by 26. 2% to reach RO 3. 969 billion, while the sector rose by 11. 2% to reach RO 8. 72 billion.
In the commercial sector, production increased by more than 65% to RO 2375 million in the first part of 2022, while mining and extraction increased by 16. 5% to almost RO 115 million.
However, the activities of the structure sector remained at 13% below RO 1. 052 billion in the January-June 2022 period, to RO 1. 208 billion recorded in the corresponding period a year ago.
In the sector, the wholesale and retail industry recorded an expansion of 10. 6% to reach 1,538 million RO in the first part of 2022 compared to 1,391 million RO at the same time last year. Activities in the monetary and insurance sector also increased by 37% to 1,415 million ROI.
The agriculture and fisheries sector decreased by 1. 6% year-on-year to reach RO 417 million in the first part of 2022.
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