Oman’s GDP surges 30.4% to hit $83bln

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Oman’s gross domestic product (GDP) at current prices increased by 30.4% by the end of September 2022 to reach RO32,045.6 million ($83 billion) compared to RO24,618.1 million by the end of September 2021, a report said.

This rise is attributed mainly to the surge in oil activities at the end of September 2022 by 72.5% to stand at RO12,487.4 million compared to RO7,239.6 million in September 2021, reported Oman News Agency (ONA), citing data issued by the National Centre for Statistics and information (NCSI).

Growth of crude oil activities constituted the largest rise in oil activities by going up 79.1%. The contribution of crude oil to the GDP reached RO10,949.0 million by the end of September 2022 compared to RO6,114.1 million by the end of September 2021.

Natural gas activities increased by 36.7% from RO1,125.5 million to RO1,538.4 million.

Non-oil activities rose by 14.9% from RO18,115.0 million by the end of September 2021 to RO20,765.9 million by the end of September 2022.

Further, industrial activities went up by 28.6% from RO4,878.5 million by the end of September 2021 to RO6,274.3 million by the end of September 2022.

Activities of agriculture, forestry and fishing increased by 12.4% from RO550,700,000 to RO619 million by the end of September 2022.During the same period, service activities also grew by 9.7% from RO12,685.9 million to RO13,872.6 million by the end of September 2022.

The rise in non-oil activities is attributed mainly to the surge in chemicals production activities by 199.7% from RO131 million by the end of September 2021 to RO392.5 million by the end of September 2022. Converting industries also increased by 100.6% from RO788.7 million by the end of September 2021 to RO1,582.6 million by the end of September 2022.

Meanwhile, construction activities declined by 2.2% from RO1,893.2 million by the end of September 2021 to RO1,851.5 million by the end of September 2022.