Oman economic growth at 5% in 2011

30 Jun 2011

(MENAFN) Omani minister responsible for financial affairs, Darwish bin Ismail bin Ali Al Balushi, stated that the country’s forecast for its economic growth went down 1.1 percent to 5 percent this year from the previous projection of 6.1 percent, reported Times of Oman.

Al Balushi also said that the projected growth level was related to the current oil prices and would change if the prices do.

The minister pointed out that Oman had plans for boosting its economy by investing a lot of oil money into developing its infrastructure. He added that development plans would improve airports, sea ports and roads.

It is worth noting that Oman’s government debt is the lowest compared to the rest of the Gulf countries at 5.1 percent of its annual economic output in 2010. The government estimated its expenditure in 2011 to go up 13.2 percent to USD21.03 billion.

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