Oman’s gross domestic product (GDP) grew 6.5 per cent in the first quarter of 2018, according to the Supreme Council of Planning (SCP).

“Oman’s economy maintained positive growth in various sectors and the rise in the GDP by 6.5 per cent is due to an increase in total oil activities. Crude oil activities rose by 1.1 per cent, while gas activities increased by 100 per cent,” the SCP said.

The council discussed the Oman Economic Performance Report, which remarked that the Omani economy has maintained positive growth rates. This includes the contribution of non-oil sectors to GDP, which has increased by 2 per cent.

Both the oil and non-oil sectors such as real estate are contributing to Oman's rise in GDP. Image credit: Creative commons via Pixabay.

Non-oil GDP increased 2 per cent, following a strong performance from manufacturing (17.8 per cent), mining and quarrying (15 per cent), basic chemicals (14 per cent), agriculture and fisheries (7.6 per cent) and other activities (22 per cent). Real estate, leasing and business activities sector grew by 6.5 per cent, the wholesale and retail trade sector grew by 6.5 per cent, and hotels & restaurants grew by 7.2 per cent.

The Supreme Council of Planning reviewed the progress of work in strategic development projects within a five-year plan, which includes the accomplishments of many vital projects within the logistics sector and tourism sectors.

Source: Supreme Council of Planning, Oman

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