Oman's GDP crosses $10 billion mark in H1

MUSCAT — The Sultanate of Oman achieved gross revenues grew to a little bit more than OMR 4 billion in the first half of 2017. The state budget seeks to achieve OMR 8.7 billion public revenues this year.

The non-oil and non-tax revenues grew to OMR 748.2 million compared to OMR 532.7 million at the first half of last year, registering a growth by 40.5 percent.

The oil revenues (oil and gas) witnessed a remarkable growth to hit OMR 2.8 billion compared to OMR 2.1 billion at the corresponding period last year. The tax revenues (custom and corporate income tax) declined from OMR 473 million to OMR 394.8 million.

This year, the Sultanate managed to provide the necessary finance to OMR 3 billion estimated deficit at this year's budget through local and foreign borrowing, as well as withdrawing from public reserves.

As for the GDP, the national economy witnessed good growth. The GDP grew by 12.9 percent at the current prices to hit OMR 6.4 billion compared to OMR 5.7 billion at the same period last year. The GDP for oil activities grew by 30.6 percent to cross OMR 2 billion compared to OMR 1.5 billion at the first quarter last year. The non-oil activities grew by 5.3 percent to stay at OMR 4.6 billion; a growth by OMR 231 million compared to the first quarter last year. The commodity experts at the first quarter this year grew by 3.10 percent to hit OMR 2.8 billion compared to OMR 2.5 billion during the same period last year benefiting from the growth of the oil activities by 28.4 percent, which stood at OMR 1.7 billion. The non-oil exports also grew by 14 percent to hit OMR 751.8 million.

The value of imports though land ports at the first quarter this year declined by 12.3 percent to stay at OMR 665.1 million compared to OMR 758.1 million at the same period last year. This made the Sultanate achieve low inflation levels – 1.6 percent at the end of July 2017.

The value of imports through marine ports grew by 4.2 percent to hit OMR 1.1 billion. The value of air imports increased from OMR 225.9 million to OMR 568.3 million.

© The Saudi Gazette 2017