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Value Added of Oil Activities Increases by 2.1 Percent in Q2 2019.

Muscat, Jan 28 (ONA) --- The value added of oil activities reached RO 5.1 billion at the end of the second quarter of 2019, compared to RO 5 billion at the end of the same quarter of 2018.

The increase in the value added of crude oil by about 1.5%, which reached RO 4.3 billion, has contributed to the increase in the value added of oil activities, according to the statistical data issued by the National Centre for Statistics and Information (NCSI).

The statistics of the economic situation of the second quarter show that the value added of natural gas increased by 5.6% to reach RO 793.5 million, compared to RO 751.6 million at the end of the same quarter of 2018.

The data also show that the total value added of non-oil activities by the end of the second quarter of 2019 reached RO 9.6 billion, decreased by about 3.4% compared to the end of the same quarter of 2018.

Due to the decline in the value added of manufacturing industries, which was down by 11.8%, the added value of industrial activities recorded a decrease by 9.6% at the end of the second quarter of 2019.

According to the same NCSI data, the value added of service activities sector decreased by 1.4%, while the value added of the agriculture and fish has increased by 4.1%.

The gross domestic product (GDP) at the current prices declined by about 1.9% at the end of the second quarter of 2019, reaching RO 14 billion, compared to RO 14.3 billion at the end of the same quarter of 2018.

The state's general budget recorded a decline in the deficit value by 53%, with RO 660.6 million at the end of the second quarter of 2019 compared to RO 1.4 billion at the end of the same quarter of 2018.

The state's total revenue increased by 11.4%, recording about RO 5.5 billion by the end of the second quarter of 2019, compared to RO 4.9 billion at the end of the same quarter of the previous year. In contrast, the total public expenditure declined by 2.8%, recording RO 6.2 billion.

In foreign trade indicators, the NCSI data show that due to a decline in the value of merchandise imports by about 9.5 %, which reached RO 4.5 billion, the surplus in the trade balance at the end of the second quarter of 2019 rose up by RO 424.4 million, compared to the end of the same quarter of the previous year, which reached RO 2.9 billion.

The value of merchandise imports decreased by the end of the second quarter of 2019 by 0.6%, recording RO 7.4 billion, compared to RO 7.5 billion at the end of the same quarter of 2018.

In the monetary situation indicators, the total domestic liquidity (M2) increased by 4% at the end of the second quarter of 2019, recording about RO 17.3 billion, compared to RO 16.6 billion at the end of the same quarter of the previous year. The money supply (M1) increased by 0.1%, recording about RO 5.26 billion.

The total deposits of the private sector increased by 4.6% at the end of the second quarter of 2019, recording about RO 14.9 billion, compared to RO 14.2 billion in the same quarter of the previous year.

The total value of loans and financing granted by the commercial banks and Islamic windows increased by 5.9% at the end of the second quarter of 2019, reaching RO 25.7 billion, compared to RO 24.3 billion at the end of the same quarter of the previous year of 2018.

The total value of personal loans also increased by 2.4%, recording RO 8.5 billion, while the average interest rate on total credit reach was 5.4% compared to 5.2% at the end of the same quarter of the previous year.

The total value of foreign assets in the Central Bank of Oman declined by 0.1%, recording about RO 6.12 billion by the end of the second quarter of 2019, compared to RO 6.13 billion at the end of the same quarter of 2018.

The purchasing power of the Omani Rial increased by 1.2% by the end of the second quarter of 2019, as the real exchange rate index scored about 104.7 points, compared to about 103.5 points at the end of the same quarter of the previous year.

--- Ends/AH

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Publication:Oman News Agency
Geographic Code:7OMAN
Date:Jan 28, 2020
Words:789
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