Oman’s gross domestic product (GDP) registered a decline of 14.2 per cent in the first three quarters of 2015, from OMR23.41 billion ($60.80 billion) in Q3 2014 to OMR20.09 billion ($52.18
billion) the same time last year.
Official figures from the National Centre for Statistics and Information (NCSI) reveal that petroleum activities posted a sharp 38.5 percent drop to a record OMR6.95 billion ($17.9 billion), compared to OMR11.29 billion ($29.3 billion) during the same period a year ago.
The sultanate has been hard hit by the decline in oil price – it expects to run a deficit of OMR3.3 billion ($8.6 billion) this year, according to its 2016 budget announced this month, which represents 38 percent of estimated total government revenues.
According to the NCSI figures, crude oil contributed OMR6.03 million ($15.66 million) to the economy as at Q3 2015, representing a significant drop of 42.7 percent from OMR10.5 million ($27.2 million) in 2014.
Natural gas, though, rose to OMR912,300,000 compared to OMR760,200,000 the previous year.
The total value of non-petroleum activities registered a 4.7 percent growth by the end of third quarter, according to the NCSI, reaching OMR14,08 million ($36.5 million) compared to OMR13,454.4 million ($34.9 million) last year.
The total GDP figure was described “at market prices”, reflecting the economy’s total output of goods and services at market prices, plus taxes minus subsidies on imports.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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