Oman’s nominal GDP declines 14% in the first half of this year

Oman’s nominal gross domestic product fell 14.2 per cent to OMR13.552 billion from OMR15.791 billion for the same period last year as weak crude prices took a toll on the oil sector.

Oman’s nominal gross domestic product fell 14.2 per cent to OMR13.552 billion from OMR15.791 billion for the same period last year as weak crude prices took a toll on the oil sector.

According to the latest data released by the National Centre for Statistics and Information (NCSI), the fall was witnessed in energy sector dip by 38.2 per cent to OMR4.65 billion from OMR7.51 billion in the first half.
The crude oil sector was down by 42.4 per cent to OMR4.04 billion, while natural gas segment surged ahead by 21.3 per cent to OMR607.3 million, The non-oil GDP, however, recorded a growth of 3.7 per cent. Industrial and services sector activities recorded a growth of 4.7 per cent and 3.4 per cent, respectively.

On Monday Dubai Mercantile Exchange (DME) said that Oman oil price reached $46.22. According to the DME statement the price of Oman oil declined 67 cents from the price of last “Friday,” which was $46.89.
The average price of Oman oil (November Delivery 2015) has stabilised at $45.76, thus $2.12 per barrel lower than October delivery 2015.