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FINANCIAL NEWS
Oman’s 2012 real GDP to grow 5%: IMF
16 Jan 2012
(MENAFN) The International Monetary Fund (IMF) said that in 2012, Oman’s real gross domestic product (GDP) would likely grow 5 percent, spurred by a large public investment program, reported Emirates 24/7.
The IMF added that although the country’s economic growth would be below the 5.5 percent recorded last year, however, it would be higher than the average 3 percent targeted by the government’s 2011-2015 development plan.
It also said that the decline from 2011 would result from the weak growth of the Sultanate’s oil output; on the other hand, it said that civil investment by the government would be forecasted to average around 16 percent of non-hydrocarbon GDP over 2012�2016, helping the annual non-hydrocarbon GDP growth to remain at nearly 5.5 percent.
It is worth noting that Oman’s non-hydrocarbon exports, especially petrochemicals, fertilizers, and metals, account for more than 20 percent of the country’s total exports.
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