Oman's GDP rises by 10.1%

Muscat: The Gross Domestic Product (GDP) at current prices in the Sultanate rose by 10.1 percent to reach  OMR15.3 billion at the end of the second quarter of this year, compared to OMR 13.9 billion in the same quarter of the previous year.

Data issued by the National Centre  for Statistics and Information in a report analyzing the economic situation in the Sultanate for the second quarter of 2021, attributed this rise as a result of the increase in the average oil price by about 9.9 percent, as the price of a barrel rose from $51.1 to $56.2 in the second quarter of this year.

The added value of oil activities increased by OMR 354 million , to reach about OMR 4.4 billion, and the added value of non-oil activities increased by 11.1 percent to OMR 11.5 billion.

The report indicates an increase in the trade balance in the second quarter of this year by about OMR 604.7 million to reach OMR 2.8 billion as a result of an increase in the value of merchandise exports by 25 per cent, an increase in the value of merchandise imports by 23.8%, and an increase in the value of re-exports by 2.4 per cent.