71719
Non-oil exports grew by 14%.
Non-oil exports grew by 14%.

Oman Posts Positive Growth

Oman Posts Positive Growth

Performance of Oman’s national economy in 2017 has been positive in a number of economic indicators. The sultanate managed to achieve the targeted public revenues for the first half this year as gross revenues grew to a little bit more than OMR 4 billion ($10.39 billion). The state budget seeks to achieve OMR 8.7 billion public revenues this year.
The registered revenues in the first half this year reflected the government efforts to diversify sources of income and reduce reliance on oil. The non-oil and non-tax revenues grew to OMR 748.2 million compared to OMR 532.7 million in the first half of last year, registering a growth by 40.5%, ONA reported.
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.
Since the oil price drop in mid-2014, the sultanate has taken a number of measures to support public finance, continue economic growth and diversify sources of national economy. These measures have reflected on the public expenditure, which declined to OMR 6.4 billion or by OMR 172.2 million compared to the same period last year. The state budget estimates the public expenditure for this year at OMR 11.7 billion.
As for the GDP, the national economy witnessed good growth. GDP grew by 12.9% at 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% to cross OMR 2 billion compared to OMR 1.5 billion at the first quarter last year.
Non-oil activities grew by 5.3% to stay at OMR 4.6 billion; a growth by OMR 231 million compared to the first quarter last year. Commodity exports in the first quarter this year grew by 3.10% to hit OMR 2.8 billion compared to OMR 2.5 billion during the same period last year benefiting from the growth of oil activities by 28.4%, which stood at OMR 1.7 billion. Non-oil exports also grew by 14% to hit OMR 751.8 million.

Short URL : https://goo.gl/4hUpNv
  1. https://goo.gl/6JBv4Y
  • https://goo.gl/hvKXWN
  • https://goo.gl/XdS2V2
  • https://goo.gl/bCMg9e
  • https://goo.gl/c8cEbf

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus