By Andy Sambidge
Real estate sector bucks downward trend to record 15% growth, driven by rent hike.
Oman's gross domestic product (GDP) at current prices declined by 27.4 percent as of the end of the third quarter of 2009 compared to the same period in 2008, new data has showed.
According to figures released by the National Economy Ministry and published by Oman News Agency, the decline was attributed to a fall in economic activity, particularly in the oil sector.
Services related to oil and gas production decreased noticeably due to the fall in crude oil prices, the report said, adding that the average price for oil was $51,85 as of the end of the third quarter of 2009 compared to $103.87 in the corresponding period in 2008, a decline of 50 percent.
Activities in the mining and quarries industries also declined by 13 percent while the chemical industry fell by 43.9 percent and the retail and wholesale trade sector by by 21.2 percent.
Transportation, warehousing and communication industries declined by nearly 10 percent, the report added.
However some industries showed growth, the figures showed, with the agriculture and fisheries sector growing by 5.3 percent and the construction activity by 5.5 percent.
While real estate sectors across the Gulf struggled in 2009, Oman saw high growth (15 percent), driven by rent hikes.