Oman GDP Surges on Oil

Oman’s gross domestic product (GDP) at the end of the third quarter of 2017 increased by 10.1%, recording RO20.3 billion (US$52.658 billion) in the previous quarter, according to the National Centre for Statistics and Information (NCSI).

Oil activities rose by 23.9% to touch RO6.2 billion (US$16.083 billion) compared with the end of the third quarter of 2016. The share of crude in oil activities at the end of the third quarter was valued as RO5.2 billion (US$13.489 billion), which is a rise of 27.8% at the end of the third quarter of 2016.

Natural gas increased 6.3% to RO983.9 million (US$2.552 billion) at the end of the third quarter of 2016. By the end of the third quarter of 2017, total non-oil activities were valued at RO14.7 billion (US$38.132 billion), which is an increase of 4.9% over the value at the end of the third quarter of 2016.

The sub-sectors of services activities recorded a rise in wholesale and retail trade by 10.9%, transport, storage and communications by 7.3%, hotels and restaurants by 1.1%, real estate and rental activities and business projects by 6.5% and financial intermediaries by 2.9%.

Public administration and defense activities fell by 0.4%, while other services increased by 9.8%. The industrial activities recorded a rise of 2.8% at the end of the third quarter of 2017 with a value of RO3.9 billion (US$10.116 billion) compared with the end of the third quarter of 2016.

The basic chemicals sector led the increase, recording a growth of 15% from the end of the third quarter of 2016, followed by the manufacturing sector with 11.9% and other manufacturing industries saw a growth of 9.3%. Electricity and water supply increased by 6.6%, mining and quarrying by 1.1%. On the contrary, construction sector fell by 7%.

Agriculture and fishing related activities recorded an increase of 5.4% to reach to RO390 million (US$1.011 billion) compared with the end of the third quarter of 2016.