Oman unemployment drops 75% on economic boom

Number of jobless falls to around 5% compared to almost 20% in 2003, ministry says.
Oman unemployment drops 75% on economic boom
By Saleh Al-Shaibany
Sun 04 May 2008 10:05 AM

Omani unemployment has fallen to as little as 5% compared with almost 20% in 2003, the Times of Oman reported, citing the Ministry of Manpower.

Unemployment now is at between 5% and 6%, said Younis bin Khalfan Al-Akhzami, director-general of planning and development, according to the newspaper.

Like other states in the world's top oil-exporting region, Oman's economy is surging on a near six-fold rise in oil prices in the last six years. Oman's economy expanded 7.2% in real terms in 2006, its second-fastest pace this decade.

Its gross domestic product (GDP) probably grew to 15.51 billion rials ($40.29 billion) at current prices in 2007, helped by higher oil prices, state-run Oman News Agency (ONA) reported last month, citing the economy minister. (Reuters)

RELATED: Oman economy surges to $40.3bn

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