Oman posts strong GDP growth
By staff - Mon May 07, 11:20 am
Oman’s nominal gross domestic product (GDP) recorded a growth of 22.7% to OMR27.95bn ($72.62bn) during 2011, according to the state news agency.
Oman News Agency reported that the GDP of the country’s oil sector expanded 36.3% to OMR14.22bn with GDP standing at OMR10.32bn last year.
Natural gas exports helped the Omani economy grow by 7%, while non-resources sectors including construction (5.8%), electricity and water (9.5%), and manufacturing (17.5%) also registered growth.
“We witnessed very solid growth in Gulf economies last year, particularly in Oman, despite the struggling global economy and Arab Spring. We expect Oman’s economy to grow higher than last year – at 6.4 percent in 2012,” said George Abed, Institute of International Finance (IIF) director for the Middle East and Africa.
The institute forecasted in April that the Omani economy would expand by 6.4% this year, thanks to the rise in exports from its non-hydrocarbon sector.
“The major part of this growth in Oman will not come from the oil and gas sector. Oil and gas has done a lot for government finances and the development of the country, but the major chunk, almost 70 per cent, of the growth will be from the non-hydrocarbon sector,” he added.