Oman GDP up 23.3% in 9 months

Strong oil prices and higher crude output boosted Oman’s GDP by nearly 23.3 per cent in current prices in the first nine months of 2011 and both the oil and non-oils sectors recorded high growth, according to official data. 

From around RO1.62 billion in the first nine months of 2010, the Gulf country’s nominal GDP swelled to nearly RO20.07 billion, showed the figures by the Ministry of National Economy, published in the local media. 

A breakdown showed the oil sector jumped by about 34.9 per cent while the non-hydrocarbon sector grew by nearly 13.1 per cent in the same period. 

The report showed there was an increase in both the average price of Oman’s crude and the country’s oil output during that period as it is pushing ahead with expansion of its hydrocarbon sector to reverse a decline in oil output. 

From around $76.5 in the first nine months of 2010, the average Oman crude price shot up to nearly $102.06 in the same period of last year while Oman’s production rose to 883,200 barrels per day from 860,200 bpd. 

Sector-wise, industries recorded one of the highest growth rates of around 18 per cent, followed by services at 11.5 per cent and farming at four per cent. 

Oman, which is not an OPEC member, has an estimated five billion barrels of proven oil reserves and nearly 30 trillion cubic feet of natural gas. 

The construction of a 10-million-tonne-a-year LNG plant in the southern port of Sur gave a strong push to the country’s revenue and economy.

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