The nominal GDP, as per the preliminary data released by National Centre for Statistics and Information (NCSI), showed an increase of 10.1 percent over the first half of 2021 over the same period of 2020.

This expansion was driven by an increase of output in the hydrocarbon sector by 8.7 per cent and the non-hydrocarbon sector by 11.1 per cent.

The average price of Omani oil during Jan-Sept 2021 stood at US$60.9 per barrel – which was higher by 45.1 per cent than that in Jan-Sept 2020.

The average daily oil production stood at 961.3 thousand barrels during Jan-Sept 2021 – which marked an increase of 0.9 per cent. Oman’s average Consumer Price Index (CPI) showed year-on-year (y-o-y) inflation of 0.9 per cent during the period Jan-Sept 2021.

Other depository corporations (ODCs) consist of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 4.9 per cent to RO27.7bn at the end of September 2021, while credit to the private sector demonstrated a moderate increase of 2.6 per cent (y-o-y) to reach RO23.4bn.

The non-financial corporate sector received the highest share of the total private sector credit – over 46.4 per cent, followed by the household sector at 45.2 per cent, by the end of September 2021.

The share of financial corporations was 4.9 per cent and other sectors received the remaining 3.5 per cent of the total private sector credit as at end of September 2021.

Total deposits held with ODCs registered a y-o-y growth of 2.7 per cent to reach RO25bn by the end of September 2021. Total private sector deposits increased by 5.2 per cent to RO17.2bn.

In terms of the sector-wise composition of private sector deposits, the biggest share goes to household deposits at 51.5 per cent, followed by non-financial corporations at 32.4 per cent, financial corporations at 13.7 per cent, and other sectors at 2.4 per cent.