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Omans GDP witnesses 18.3% growth.

Muscat Muscat, Maskat, or Masqat (all: mŭs`kăt, mŭs`kət), city (1993 pop. 533,774), capital of Oman, SE Arabia, on the Gulf of Oman. It is flanked by rugged mountains. : Oman's gross domestic product (GDP GDP (guanosine diphosphate): see guanine. ) witnessed a robust growth of 18.3 per cent in the first quarter of 2012, over the same period of last year, according to preliminary

estimates.

As per these estimates, the Sultanate's GDP at current prices will be about RO7,228.3 million in the first quarter 2012 compared to RO6,109.2 million, during the same period in 2011.

The increase is attributed to a 25.5 per cent growth in oil activities, thanks to high oil prices in the international markets. The Oman crude oil price, as of the end of March 2012, touched $109.1 per barrel compared to $88.3 per barrel in the same period in 2011.

Oil production

The production of oil also grew by 1.3 per cent in the first quarter 2012 to touch 80.9 million barrel compared to 79.8 million barrel during the same period in 2011.

The non-oil activities will also register about 11.3 per cent growth in its added value at the end of the first quarter in 2012. Oman's economy is expected to grow at 7 per cent in real terms this year, the government said in January.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:7OMAN
Date:May 21, 2012
Words:231
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