Muscat: Oman is processing its economic progress in line with the United Nation’s National Accounts System for 2008 and the UN “National Classification for Economic Activities (ISIC4). As a result, the new indicators show an overall improvement in Oman’s GDP, which currently stands at RO 7.39 billion.

With the economic outlook of Oman, measured in adherence to the latest international standards, is on the positive, the individual sector’s outlook is given in the following paragraphs

Non-oil activities by the end of the first quarter in 2021 increased by 5.7% to RO 5,728,300,000, compared to RO 5,418,900,000 by the end of Q1 in 2020.

Service activities led to the growth of non-oil activities, posting RO 4,081,100,000—up by 6.6% over their standing by the end of Q1, 2020 (RO 3,829,600,000).

However, certain sectors witnessed a dip compared to this quarter, last year. For instance – Oil activities dropped by 20.6% by the end of the first quarter in 2021 to RO 1,927,800,000 as against RO 2,428,300,000 by the end of Q1 in 2020. Crude oil activities went down by 22.4% to RO 1,607,000,000 by the end of Q1 in 2021 as against RO 2,070,100,000 during the corresponding period last year.

Natural gas activities by the end of Q1 this year also declined by 10.4%, registering RO 320,800,000 as against RO 358,200,000 by the end of Q1 in 2020 and Agriculture and fisheries-related activities went down by 11.9% at the end of the first quarter of this year to RO 167,800,000 (compared to RO 190,300,000 by the end of Q1, 2020). In addition, telecom activities decreased by 1.1% along with public administration and defence by 2.3%.

Meanwhile, wholesale-retail trade activities rose by 16%, transport and storage by 12.7%, residency (tenancy) by 7.7%, other service activities by 7.4%, finance and insurance by 6.3% and real estate activities, occupational, technical and administrative services by 2.2%. Industrial activities registered an increase of 5.7% to RO 1,479,400,000 by the end of the first quarter of this year, compared to RO 1,399,000,000 by the end of Q1, 2020, with the chemical sector taking the lion’s share of the growth.