Oman Economy Grows 8.7%

Oman’s economy witnessed remarkable improvement in 2017 in a variety of sectors, as it registered growth of 8.7% at current prices after two successive years of recession, ONA reported. An analysis by the Central Bank of Oman pointed out that the growth is attributed to the rise in oil activities by 20.8% and non-oil activities by 3.9%. This comprehensive improvement in the economic sector is due to the recovery of oil prices and the positive effect of the nation’s economic diversification.

The figures point out that the average price of Omani crude oil in 2017 stood at about $51.3 per barrel, compared to$40.1 per barrel during 2016. Inflationary pressures in the sultanate are still limited, in general. The average annual inflation rate, based on the consumer price index stood at 0.6% during the first three months of 2018.