FINANCIAL NEWS

Omani economy expands 30.4% in Q1

16 Aug 2010

(MENAFN) The Omani government said in a preliminary report that the Sultanate’s economy grew 30.4 percent year-on-year in nominal terms in the first quarter, buoyed by higher oil prices and crude output, ONA reported.

The Gulf country’s nominal gross domestic product jumped to $13.7 billion from $10.4 billion a year ago, data from the economy ministry showed.

The sultanate’s gross domestic product (GDP) fell by 19.8 percent at current prices in January-March 2009 as oil prices dropped following the global economic downturn. It rose 6.1 percent quarter-on-quarter in January-March 2010. The ministry did not release GDP data in real terms.

Oil and gas activities accounted for 48 percent of the non-Opec member’s economy in the first quarter, up from 35 percent in the same period of 2009.

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