MUSCAT: The Sultanate of Oman’s Gross Domestic Product (GDP) in the first half of this fiscal year grew by 32.4%, the fastest in over a decade, according to National Center for Statistics and Information.
The Sultanate GDP continued its upward path, followed by the growth recorded by the national economy. The GDP at current prices increased to OMR 20.3 billion in the first half of 2022.
Data showed that oil price surge and higher gas production, hydrocarbon GDP an increase of 70.9%, to OMR 7.848 billion in the first half of 2022 from OMR 4.591bn in the same period in 2021.
According to the figures, the Sultanate’s economy grew in all major sectors: oil and gas, industry, mining and services and recorded strong growth during the first half of the fiscal.
Oil production surged 76.8 per cent to OMR 6.862 billion against OMR 3.881 billion as the value of natural gas output increased 38.8% to OMR 986 million in the same period last year.
The Sultanate’s non-oil nominal GDP grew 14.9% to OMR 13.106bn from OMR 11.409 billion recorded last year at the same time. Among non-oil sectors, the industrial sector’s output was 26.2% to OMR 3.969 billion and the services sector grew 11.2% to OMR 8.720 billion.
In the industrial sector, manufacturing grew 65% to OMR 2.375 billion, the mining and quarrying grew 16.5% to OMR 115 million in the first half of 2022.
However, the construction sector saw a lower 13% at OMR 1.052 billion against OMR 1.208 billion recorded last year.
Meanwhile, the services sector – both the wholesale and retail trade – recorded a 10.6% growth to OMR 1.538 billion in the first half of 2022 against OMR 1.391 billion in the same period last year. The sectors in financial and insurance also witnessed a climb of 37%to OMR 1.415 billion.
Not all sectors reported an upward trajectory in the first half of 2022. The agriculture and fisheries sector saw a dip of 1.6% to OMR 417 million.
► OMR 6.86 billion shares of crude oil
► Al-Azz Al-Taibi’s activities rise 38.8% to OMR 986.2 million
► OMR 13.106 billion total non-oil activities, an increase of 14.5%
► Industrial activities rise 26.2% to OMR 3.969 billion