Omani GDP drops 14.2 percent in Q1

25 Oct 2015

(MENAFN) Oman’s Gross Domestic Product (GDP) for the Jan-March period at current prices fell by 14.2 percent compared to a surge of 2.7 percent posted in last year’s cited period, according to the latest data.

Additionally, the hydrocarbons division saw a severe slump of 36.8 percent on the back of the oil price plunge whereas the non-oil sector recorded an increase of 4.1 percent through the three months to March.

Credit to the private sector grew by 10.9 percent to reach USD40.9 billion by the end of August, total investments by commercial banks in securities fell by 9.3 percent to USD8 billion August-end, from USD8.8 billion in 2014.

Aggregate deposits held with commercial banks disclosed a jump of 5.8 percent to USD47.1 billion in August from USD44.5 billion a year ago, plus government deposits with commercial banks surged by 3 percent to USD13.7 billion.

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