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Omani economy likely to grow 5% in 2010

21 Aug 2010

(MENAFN) Oman’s economy is likely to grow 5 percent this year, slower than the government had previously predicted, as oil prices will probably move lower than had been thought, Times of Oman reported.

The non-Opec oil producer said in March that it expected its gross domestic product to jump 6.1 percent in 2010, helped by a recovery in oil prices, but the official said it is now taking a more conservative view.

The sultanate’s GDP rose 2.2 percent year-on-year in real terms in the first half of 2010, the government said, compared with 1.8 percent growth in the same period of 2009.

Earlier, preliminary ministry data showed Oman’s nominal GDP grew 30.4 per cent year-on-year in the first quarter, but it did not release figures in real terms.

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