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The Omani Economy Benefited from Boom in Oil Prices

Source: 6/6/2012, Location: Middle East

The Omani economy benefited from the boom in oil prices, with the Gross Domestic Product (GDP) registering a rise of 22.7 per cent at the current prices in 2011. The Sultanate’s GDP rose to RO 27 billion (RO 27,945.4 million) at the end of 2011, compared to RO 22,773 million as at the end of 2010.

The GDP in oil activities grew by 36.3 per cent in 2011. It increased from RO 10,428.2 million at the end of 2010 to RO 14,216.4 million at the end of 2011. Crude oil constituted the bulk share of this increase. Crude oil added value stood at RO 13,184.3 million (about 92.7 per cent) of the total oil activities. This sector achieved a growth rate of 37.9 per cent in 2011.

Natural gas constituted 7.3 per cent of the total oil activities and its growth touched RO 1,032 million or 18.7 per cent in 2011. The non-oil sector’s GDP registered a growth of 11.4 per cent at the current prices in 2011 and soared to RO 14,275.4 million, compared to RO 12,815.4 million in 2010. Statistics show that the converting industries registered a growth of 17.5 per cent and that the added value for electricity and water supplies grew by 9.5 per cent, while the construction sector grew by 5.8 per cent.

The performance of the service sector has been good as the transport, storing and communications sector grew by 16.4 per cent, the wholesale and retail trade registered a growth of 12.1 per cent, the real estate and leasing activities and business ventures grew by 8.4, the brokerage, hotels and restaurants sectors achieved growth of 8.1 per cent and 1.5 per cent, respectively. The almost three-fold growth rates of the non-oil activities have contributed to realising a radical change in the structure of the GDP in favour of the oil activities.

While the relative importance of the oil activities rose from 45.8 per cent in 2010 to 50.9 per cent in 2011, the relative importance for the non-oil activities declined from 56.3 per cent to 51.1 per cent at the same period. Meanwhile, the small and medium enterprises, which form the backbone of any country’s economy, contribute 16 per cent to the GDP. This sector form 90 per cent of the trade in the country.

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