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Wed 8 Jul 2009 11:00 AM

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Oman GDP growth rate up 44% due to non-oil sectors

Economy minister says GDP for Oman's non oil sectors rose to $22.2bn in 2008.

A 44 percent GDP growth rate increase in Oman in 2008, was led by development of the country’s non-oil sectors, Economy Minister Ahmed bin Abdulnabi announced on Tuesday.

The minister, speaking at a meeting with the Brunei Darussalam Economy Development Council, added that GDP for Oman’s non-oil sectors rose by 32.6 percent, from $16.7bn in 2007 to $22.2bn in 2008, the ONA reported.

Macki attributed the growth to the development of modern industries, such as the production of petrochemicals, fertilizer and aluminium, in the Sultanate.

He said another factor could be the government’s recent bid to attract foreign investment in economic diversification projects, by increasing the foreign participation ratio on joint ventures from 49 percent to 70 percent.

Despite a decline in oil revenues, due to a global slump in oil prices, Macki said that the economic crisis had also had a positive impact on Oman by curtailing the inflation rate, which dropped from 13.7 percent in June 2008 to 3.9 percent in May 2009.

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