MUSCAT – The added value of the manufacturing sector has grown to $40 million in 2019 from $36.9 million in 2015 while the sector’s contribution to GDP was nearly $10.5 million in 2019, an average increase of $5.3 million in the 2018-2019 period, according to a recent study published by the Arab Monetary Fund (AMF).

The study which covered 14 countries concluded that the Sultanate is among three Arab countries that have seen an increase in the added value of the manufacturing sector at fixed prices of over 4 per cent in 2019 alongside Egypt and Mauritania.

According to the study titled ‘the effect of the manufacturing sector on economic growth in the Arab countries’, the manufacturing sector in the Sultanate employs 5 per cent of the overall workforce as of 2018 compared to 5.6 per cent in 2010.

In order to develop the manufacturing sector and boost its contribution to GDP, the study recommended that the Sultanate adopts a national strategy and action programmes that focus on developing the manufacturing sector with the aim of enhancing its added value and boosting economic diversification. Other recommendations included issuing legislations that would boost the manufacturing sector, bolstering human capital through improving educational and training output, boosting investments and credit facilitations and adopting incentive packages to draw foreign direct investments.

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