Oman Q1 Trade Balance Jumps 48%

Oman’s trade balance reached RO1.266 billion ($3.28 billion) during the second quarter of this year as against RO857 million in Q2 2017, marking a growth of nearly 48%, a media report said. The Omani economy is on a positive rebound, spurred by a strong uptick in international crude oil prices and coupled with measures to rein in domestic spending, reported the Oman Observer, citing the Central Bank of Oman, Trade Arabia reported. The price of Omani crude averaged $63.9 per barrel during the first half of this year as against $51.8 per barrel for the same period of last year, the apex bank stated in its monthly review of banking and monetary developments for June. “Inflationary conditions continued to remain benign in the sultanate and the average consumer inflation moderated to 0.7% during January-June 2018 from 1.9% in the same period last year,” CBO said in its review. The banking sector also posted significant gains in supporting economic activities by catering to the credit requirements of various segments of the economy, the central bank said.