Oman's economic grew 8.3% in 2012; Growth to continue this year -report

Saturday, Apr 20, 2013

BEIRUT (Zawya Dow Jones)--Oman's economy grew 8.3% in 2012 exceeding the 7% targeted in the public budget and is expected to continue growing in 2013 driven by an increase in proceeds from oil and non-oil exports, the official Oman News Agency reports Saturday citing Darwish Al Balushi, the Gulf state's minister for financial affairs.

Mr. Balushi added that his country's non-oil gross domestic product grew 10.6% last year.

Despite the rapid pace of trade and economic activities, the rate of inflation remained within the targeted 3%, Mr. Balushi said according to the news agency. Indicators show that inflation is likely to drop from its current level given the decline in global commodity prices and thanks to measures taken by the Omani government, he added.

The country's investment spending is expected to reach 3 billion Omani rials ($7.79 billion) in 2013 or 24% of overall public spending, the news agency cites Mr. Balushi as saying.

News agency website: http://www.omannews.gov.om/ona/newsDetails_inc.jsp?newsID=166377

Write to Beirut Bureau at djnews.dubai@dowjones.com

(END) Dow Jones Newswires

20-04-13 1141GMT