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Wed 18 Apr 2012 11:41 AM

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Oman economy could grow 6.4% in 2012

Rise in exports from non-hydrocarbons will contribute to growth, IIF says

Oman economy could grow 6.4% in 2012

Oman’s economy is forecast
to grow 6.4 percent in 2012 amid a rise exports from its non-hydrocarbon
sector, the Institute of International Finance (IIF) has said.

The small non-OPEC oil
exporter, which was hit by a wave of protests amid the Arab Spring last year,
is expected top 2011 growth in the year ahead, the IIF’s director for Middle
East and Africa told Muscat Daily.

“We witnessed very solid
growth in Gulf economies last year, particularly in Oman, despite the
struggling global economy and Arab Spring. We expect Oman's economy to grow
higher than last year - at 6.4 percent in 2012,” said George Abed.

“The major part of this
growth in Oman will not come from the oil and gas sector. Oil and gas has done
a lot for government finances and the development of the country, but the major
chunk, almost 70 per cent, of the growth will be from the non-hydrocarbon
sector,” he added.

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