Oman’s GDP plummets 14.2% in wake of oil price drop

Official statistics show petroleum activities dropped 38.5 percent in Q3 2015
Oman’s GDP plummets 14.2% in wake of oil price drop
By Sarah Townsend
Mon 01 Feb 2016 08:04 AM

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.

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