Highlights
Oman’s economy grows by 10 per cent

Oman’s economy has achieved a robust 10.1 per cent growth rate at RO20.33bn for the first nine months of 2017, mainly driven by a remarkable growth in crude oil prices in the international market and surge in non-oil activities.
The average price of Oman Crude surged ahead by 27.8 per cent to $51.3 per barrel during January-December period of 2017, against $40.1 a barrel for the same period of 2016, shows the monthly report released by National Centre for Statistics and Information (NCSI) .
With an increase in crude oil price, the economy started gaining strength since the beginning of last year, reversing a slackness witnessed during the previous two years. The oil sector’s gross domestic product (GDP) grew by 23.9 per cent to RO6,248mn in the first nine months, whereas the non-oil sector edged up by only 4.9 per cent to RO14,700.3mn.
The budget deficit for the first eleven months between January and November showed a marked fall of 33.2 per cent to RO3,296.6mn, against RO4,937.6mn, added the report. The government revenue increased by 16.2 per cent to RO7,219.7mn for the first eleven months of 2017, from RO6,210.5mn for the same period of 2016.
Net oil revenue alone rose by 31.2 per cent to RO4,058.5mn for the January to November period of this year.
Also, public expenditure rose by 8 per cent to RO10,416.3mn from RO9,648.1mn during the period under review.
-
OER Magazines2 months ago
OER, February 25
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, February 2025
-
Economy1 month ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Banking & Finance2 months ago
Sohar International Appoints Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
-
News2 months ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
-
News2 months ago
Oman Explores Semiconductor & EV Investments with EONH Private Holdings & Jetour Global
-
News1 month ago
Nothing Phone 3a and 3a Pro launches in the Middle East
-
Food & Dining2 months ago
Al-Futtaim IKEA’s Iftar Buffet Is Back, Offering Classic Comfort and Bold New Tastes
You must be logged in to post a comment Login