Oman’s GDP grows 4.5% at fixed prices

Muscat: The Sultanate of Oman’s Gross Domestic Product (GDP) at fixed prices increased by 4.5 percent by the end of September 2022 to hit OMR26,279.2 million compared to OMR25,156.9 million during the corresponding period in 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

Statistics indicated that this rise is attributed to the growth in oil activities at the end of September 2022 by 12 percent  to stand at OMR9,404.6 million compared to OMR8,393.6 million at the end of September 2021.

Among oil activities, crude oil activities constituted the largest growth (13.4 percent ). Crude oil activities contributed to the GDP by OMR8,040.5 million by the end of September 2022 compared to OMR7,091 million by the end of September 2021.

Natural gas activities increased by 4.7 percent  from OMR1,302.6 million to OMR1,364.1 million.

Non-oil activities rose by 1.6 percent  from OMR17,430.6 million by the end of September 2021 to stand at OMR17,703.4 million by the end of September 2022.

Service activities went up by 5 percent  from OMR11,474.5 million by the end of September 2021 to reach OMR12,048.3 million by the end of September 2022. Meanwhile, activities of agriculture, forestry and fishing, and industrial activities decreased by 8.2 percent  and 4.7 percent  respectively.

The growth in non-oil activities is attributed mainly to the activities of transport and storage, which recorded the highest increase during the first 9 months of 2022, going up by 28.4 percent from OMR1,093.4 million to OMR1,403.2 million. Moreover, activities of residency and food services followed with a surge by 21.3 percent , to stand at OMR503,100,000 by the end of September 2022 compared to OMR414,800,000 by the end of September 2021.

Activities of mining and utilizing quarries rose by 7.8 percent  from OMR188,100,000 in September 2021 to OMR202,700,000 by the end of September 2022.

On the other hand, construction activities recorded a decline by 24.8 percent  from OMR2,311.5 million by the end of September 2021 to OMR1,738.1 million by the end of September 2022. Fishing activities also dropped by 23 percent  from OMR280,200,000 to OMR215,700,000 by the end of September 2022.