Muscat: The National Centre for Statistics and Information (NCSI) has revealed Oman’s economic performance in 2018, which witnessed the growth of gross domestic product (GDP) at current prices by 12.3 per cent, with an increase in the value added of non-oil activities by 2.3 per cent.
The value added of oil activities increased by 36.7 per cent, and the GDP had grown from RO 27.1 billion in 2017 to RO 30.5 billion in 2018.
The report also pointed out to the state budget, with the deficit in the Sultanate’s state budget reaching RO 2.6 billion, while the public revenues increased by 28.6 per cent reaching RO 10.9 billion. The total public expenditure increased by 10.8 per cent, reaching RO 13.6 billion.
It indicated that the increase in the country’s public revenues was due to a rise in the average price of Omani crude oil to $69.7 per barrel, compared to $51.3 per barrel in 2017.
The report of the Economic Outlook of the Sultanate also pointed out that the volume of foreign direct investment in the Sultanate till the end of the fourth quarter of 2018 has reached RO 10.6 billion, compared to RO 9.2 billion in 2017, while the inflows volume of the foreign direct investment till the end of the fourth quarter of 2018 has reached RO 1.4 billion. —- Oman News Agency