The Sultanate GDP in Q3 of 2017 Rises 10.1 Percent

The Sultanate’s gross domestic product (GDP) at the end of the third quarter of 2017 increased by 10.1%, recording current prices at RO20.3 billion. It was at the level of RO18.4 billion, according to the National Centre for Statistics and Information (NCSI).

Oil activities led the rise of 23.9% to RO6.2 billion compared with RO5.042 billion at the end of the third quarter of 2016.

The share of crude oil in oil activities at the end of the third quarter was valued as RO5.2 billion, which is a rise of 27.8% over the end of the third quarter of 2016, when it was at the level of RO4.1 billion.

Natural gas increased by 6.3% to RO983.9 million from RO925 million at the end of the third quarter of 2016.

By the end of the third quarter of 2017, total non-oil activities valued to be at the level of RO14.7 billion, which is an increase of 4.9% over the value at the end of the third quarter of 2016.

The services activities, which are at the forefront of non-oil activities stood at RO10.3 billion, which is an increase of 5.7% over the end of the third quarter of 2016. The services activities were recorded to be at the level of RO9.7 billion.

The sub-sectors of services activities recorded a rise in wholesale and retail trade by 10.9%, transport, storage and communications by 7.3%, hotels and restaurants by 1.1%, real estate and rental activities and business projects by 6.5% and financial intermediaries by 2.9%

Public administration and defence activities fell by 0.4% while other services increased by 9.8%.

The industrial activities recorded a rise of 2.8% at the end of the third quarter of 2017 with a value of RO3.9 billion compared with the end of the third quarter of 2016, when it was at the level of RO3.8 billion.

The basic chemicals sector led the increase, recording 15% growth from the end of the third quarter of 2016, followed by the manufacturing sector with 11.9% and other manufacturing industries with growth of 9.3%. Electricity and water supply increased by 6.6%, mining and quarrying by 1.1%. On the contrary, construction sector fell by 7%.

Agriculture and fishing related activities recorded an increase of 5.4% to reach to RO390 million compared with the end of the third quarter of 2016, when it was at the level of RO370 million.

Source: Oman News Agency