Non-Opec member Oman saw its nominal GDP shrink 14.1% to OMR27bn in 2015 amid contracting hydrocarbons value-added economic contribution that largely mitigated a mild, but well insufficient, increase of non-oil output, preliminary data from the statistics office (NCSI) showed. NCSI does not release inflation-adjusted GDP data on a regular basis.
The hydrocarbons sector, which had long been the backbone of Oman’s economic growth and main source of budget proceeds, fell 38.2% y/y to OMR9.165bn last year, accounting for just 34% of the total GDP, well down from a 47% contribution in 2014.
Crude oil output fell 42% y/y in 2015 to a nominal OMR7.938bn whereas that of natural gas rose 16% y/y to a nominal OMR1.226bn.
The non-hydrocarbons sector grew a mild 2.3% y/y to OMR19.372bn last year. The higher share of the non-hydrocarbons economy is good news for the government seeking to diversify the national economy. The services sector topped the list at OMR13.22bn (68% of the non-oil GDP), marking a 3.1% annual growth in 2015. The construction sector accounted for 8% of Oman’s nominal GDP last year on strong local and tourism demand.
The manufacturing sector edged up a marginal 0.4% y/y to a nominal OMR5.728bn last year, equalling to 21% of the overall GDP.
The IMF forecasts a medium-term real growth rate of 3.6% for Oman during 2014-18. Such growth, however, will rely on ongoing efforts to diversify the economy away from oil. The government continues to focus on infrastructure investment, and on fostering non-oil sectors such as logistics, fishing industries and tourism.
Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more