Oman 2017 GDP Grew by 8.7%

The preliminary data for Oman’s national accounts indicate that nominal gross domestic product grew by 8.7% during 2017 as compared to a contraction of 3% in 2016. The recovery in oil price since the second half of 2017 resulted in hydrocarbon sector growth at 20.8% during the year in comparison with a decline of 20.7% in 2016 and 39.2% in 2015, ONA reported. Growth in non-hydrocarbon sector also accelerated to 3.9% in 2017 from 2.6% during previous year, reflecting the success of diversification efforts. The sectoral analysis of non-hydrocarbon activities indicates that non-petroleum industrial sector witnessed a growth of 1.8% in 2017 against a contraction of 2.9% in 2016 while agriculture and fishing and services witnessed a decelerated growth of 7% and 4.6%, respectively, during the year. Among non-petroleum industrial activities, mining and quarrying grew highest by 15.7% followed by manufacturing and electricity and water supply by 9.2% and 5.7%, respectively during 2017. Construction activities, however, declined by 7.7%.