Oman: Oman’s Gross Domestic Product (GDP) exceeded OMR30 billion at current prices by the end of 2018 despite a decline in oil prices.
This was revealed during the meeting of the Supreme Council for Planning (SCP), which reviewed preparation for the Tenth Five-Year Plan (2021-2025), the first implementation plan for the future vision Oman 2040.
The meeting also reviewed the operational aspects of various sectors of the Ninth Plan (2016-2020), major strategic and development projects, and ways to address the challenges being faced by some of these projects and funding alternatives in the coming period.
The Council also reviewed a report on the performance of the economy, in addition to the local and global economic situation, including investments of government companies and GDP indicators.
The report pointed out that the gross domestic product grew at a rate of 12 per cent at current prices at the end of the last quarter of 2018.
The growth rate of non-oil activities reached 2.9 per cent, indicating that the GDP continued to achieve good growth rates driven by an increase in total oil activities, including crude oil and natural gas, in spite of a slight rise in inflation.
Non-oil exports increased by 34 per cent at the end of November 2018.