Oman GDP grows 15.1% till Q2, 2018

Muscat: The Sultanate’s Gross Domestic Product (GDP) at current prices recorded a growth of 15.1 per cent while the value added of non-oil activities increased by 5.1 per cent and those of oil by 37.1 per cent, according to data released by the National Centre for Statistics and Information (NCSI).

The quarterly analysis of the economic situation of the Sultanate revealed that the GDP at current prices increased from RO12.8 billion at the end of the second quarter of 2017 to RO14.7 billion at the end of the second quarter of 2018.  This is attributed to the increase in oil prices from USD51.8 per barrel in the second quarter of 2017 to about USD63.9 per barrel in the second quarter of 2018.

The value added of oil activities was RO5.4 billion at the end of second quarter of 2018 compared to RO4 billion during the same period of 2017.  Similarly, the value added of natural gas increased by 97.9 per cent to reach RO1.3 billion at the end of second quarter of 2018 compared to RO0.6 billion at the end of the second quarter of 2017.

The value added of non-oil activities reached RO9.8 billion at the end of the second quarter of 2018.  The value added of industrial activities increased by 5.7%, while the value added of service activities increased by 4.9 per cent, and agriculture and fisheries by 2.8% compared to the end of second quarter of 2017.

Regarding the general budget of the country, the value of the deficit in the general budget of the Sultanate by the end of the second quarter of 2018 dipped by about 42.3% to record RO1.4 billion compared to about RO2.4 billion by the end of the second quarter of 2017.

Total revenues increased by 23.5 per cent to reach RO4.9 billion compared to RO4 billion at the end of the second quarter of 2017.  Total public expenditure went up by 5.7% to reach RO6 billion.

In the foreign trade indicators, the report indicates that the trade balance at the end of the second quarter of 2018 increased by RO1.2 billion to reach RO2.7 billion.  The surplus in the trade balance is attributed to the increase in commodity exports by 28.5% to reach RO7.7 billion.

The value of commodity imports increased by 10.4 % to reach RO5.1 billion at the end of the second quarter of 2018 compared to RO4.6 billion at the end of the second quarter of 2017.

In terms of cash position indicators, total domestic liquidity (M2) increased by 3% to reach RO16.6 billion at the end of the second quarter of 2018 compared to RO16.1 billion at the end of the second quarter of 2017.  The money supply (M1) declined by 3.1% to reach RO5.3 billion compared to RO5.4 billion at the end of the second quarter of 2017.

Total private sector deposits increased by 4.7% at the end of the second quarter of 2018 to reach RO14.2 billion compared to RO13.6 billion at the end of the second quarter of 2017.

The total value of loans and finance provided through commercial banks and Islamic windows increased by 6.1% at the end of the second quarter of 2018 to reach RO24.3 billion compared to RO22.9 billion at the end of the second quarter of 2017.  The total value of personal loans also increased by 2.9% to reach RO8.3 billion, while the average interest rate on total loans increased by 5.2% compared to 4.9% at the end of the second quarter of 2017. ONA