Oman’s 2011 GDP to grow by 2.9%

11 Sep 2011

(MENAFN) Moody’s investor service said that this year, Oman’s real gross domestic product (GDP) would grow by 2.9 percent as a result of high oil prices and a 20 percent rise in public expenditure, reported Emirates 24/7.

Moody’s added that the next year, the country’s GDP would be expected to grow by 3.9 percent, moreover, the country’s non-oil sector, which represented 54 percent of GDP, would also grow due to growing oil production and prices in addition to government spending.

It also said that over the next 12 months to 18 months, bank lending could increase by 10 percent to 15 percent in nominal terms.

It is worth noting that the five-year economic development plan (2011-2016) which was approved at the beginning of the year includes a government capital investment of USD31 billion over the next five years, whereas total government spending will amount USD109 billion.

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