MUSCAT: The total value added of non-oil activities in the Sultanate of Oman increased by 0.3 percent by the end of Q2 2023 to reach RO 13.8 billion compared to the same period a year earlier, according to the National Center for Statistics and Information.
Service activities spearheaded this increase, with a 7.8 percent growth compared to the same quarter last year. This was in contrast to a decrease in the added value of agriculture, farming, and fishing by 2.5 percent, and a decrease in the added value of industrial activities by 16.4 percent, mainly due to a drop in the added value of manufacturing industries by 27.3 percent and construction by approximately 3.8 percent.
The added value of petroleum activities decreased by about RO 613.5 million to RO 7.2 billion as of Q2 2023. This decline was driven by an 8.6 percent dip in the added value of crude oil, recording RO 6.3 billion in addition to an RO 2.3 billion decrease in the added value of natural gas, amounting to RO 976.3 million.
The GDP at current prices amounted to RO 20.4 billion this year, compared to about RO 20.9 billion as of Q2 2022, reflecting a 2.4 percent decrease. This was primarily due to the decrease in the price of oil, which averaged $81.4 per barrel, compared to $90.4 per barrel a year ago.
The state's general budget showed a surplus of about RO 656 million as of Q2 2023, representing a decrease in total spending by 4.3 percent and a decrease in total revenues by 5.7 percent.
The total value of the surplus in the trade balance as of Q2 2023 was about RO 3.7 billion representing a decrease of approximately RO 1.2 billion. Merchandise exports fell by 12.6 percent to RO 10.9 billion while merchandise imports also decreased by 4.8 percent to RO 7.2 billion.
In monetary indicators, the purchasing power of the Omani riyal increased by 1.6 percent at the end of the second quarter of 2023 compared to the same quarter in the previous year, with the real exchange rate recorded at about 115.3 points.
Total domestic liquidity also rose by 3.4 percent compared to the end of the same quarter in the previous year, reaching RO 21.5 billion. The total value of loans and financing granted through commercial banks and Islamic windows amounted to RO 30.3 billion, showing an increase of 6.5 percent compared to the end of the second quarter of the previous year. The total value of private sector deposits increased by about 2.7 percent.
The total value of personal loans reached RO 9.2 billion, while the average interest rate on total loans decreased to 5.4 percent, down by 1.2 percent compared to the end of the same quarter in the previous year. The ratio of total loans to deposits reached 110 percent._ONA
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