Oman’s economy is showing signs of strong recovery as it marks improved public revenues in Q3 of 2021 among several other indices, as per the National Center for Statistics and Information (NCSI).

The data revealed states that Oman’s public revenues rose by 22.6 per cent to touch RO7.4bn from RO6bn in the first 12 months from the third quarter of 2020 to the third quarter of 2021.

This was followed by a decrease of 0.7 per cent in public expenditure to touch RO8.4bn, and a deficit in the overall State Budget of RO1bn, which amounted to 4.2 per cent of the total GDP at current prices.

Oman’s GDP also rose by 12.7 per cent to touch RO24.2bn – which is up from RO21.5bn over a 12-month period. This, as per experts, is due to a sharp jump in oil prices, which rose from US$47.2 to US$60.9 per barrel.

The data records that revenues generated from oil-based activities increased by RO1.5bn to touch RO7.4bn by the end of the third quarter of 2021. Crude oil values also increased by 33.2 per cent to touch RO6.3bn. Albeit, the value of natural gas decreased by 1.9 per cent in the period.

Crude prices for Oman oil currently stand over the US$90 mark at the Dubai Mercantile Exchange.

Non-oil prices recorded an increase too, marking a hike of 7.8 per cent to touch RO17.7bn. This was attributed to a rise in industrial activities by 9.1 per cent; owing to a 25.8 per cent increase in the value of manufacturing industries; 6.2 per cent in mining and quarrying, and 6 per cent in electricity, water, and sanitation activities.

Meanwhile, an increase of 7.5 per cent and 4.8 per cent was also logged in the agriculture sector and fisheries sectors, respectively.

Oman’s foreign trade balance also recorded a surplus, jumping by RO410.7mn to touch RO3.2bn, owing to a large increment of 41.4 per cent in the value of merchandise exports.

As per NCSI, the Sultanate sold about RO12.2bn worth of merchandise by the third quarter of 2021, as opposed to RO8.6bn at the end of the third quarter of 2020.

Merchandise imports also rose by 54.3 per cent to touch RO9bn.

Monetary Indices

Oman’s monetary indicators have shown growth in 2021. The nation’s total domestic liquidity rose by 3.5 per cent to register a total of RO20bn, while the supply of money rose by 0.5 per cent to touch RO5.74bn.

The total value of private sector deposits rose to RO17.2bn, which is a 5.1 per cent increase from the RO16.4bn by the end of the third quarter of 2020.

Purchasing power of the Omani Rial also rose by about one per cent to touch 105 points.

The total value of loans and financing granted through commercial banks and Islamic financing increased 4.9 per cent to hit RO27.7bn, compared to RO26.4bn in 2020. Personal loans also increased 2.1 per cent to reach RO8.7bn, while average interest rates dipped by 0.1 per cent to hit 5.5 per cent.

The total value of foreign assets of the Central Bank of Oman (CBO) increased by 8.5 per cent, when compared with the end of the third quarter of 2020.