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FINANCIAL NEWS
CBO sees Oman economic outlook bright in 2012
09 Jul 2012
(MENAFN) An official report showed that Oman’s economy survived the first quarter’s global slowdown, expecting its 2012 outlook to remain positive despite external risks, Reuters reported.
According to the International Monetary Fund, the sultanate’s gross domestic product (GDP) recorded a real 5.5 percent growth in 2011, compared to 5 percent in 2010.
The Central Bank of Oman (CBO) warned that Oman’s economic growth could fade if oil prices fall because of worsening global conditions, adding that the Gulf estate’s business sentiment has yet to regain confidence.
Annual inflation in Oman, which has to import essential commodities, eased to 3 percent in April from 5.3 percent in August 2011.
CBO also expected Oman’s balance to turn to surplus this year, despite a budgeted fiscal deficit of USD3.1 billion this year, if oil prices continue high.
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