FINANCIAL NEWS

Oman’s economy up 22.7% in 2011: Report

07 May 2012

(MENAFN) Oman’s nominal gross domestic product (GDP) registered a 22.7 percent growth to USD72.62 billion in 2011, Oman News Agency reported.

The Gulf state’s oil sector rose by 36.3 percent to USD36.43 billion last year driving the overall GDP growth up.

The oil sector contributed USD26.44 billion to the GDP, while the natural gas increased contribution to the Omani economy by 7 percent.

Manufacturing increased contribution to the economy to 17.5 percent, followed by electricity and water to 9.5 percent, and construction to 5.8 percent.

In April, the Institute of International Finance (IIF) expected Oman’s economy to grow 6.4 percent in 2012, helped by higher exports from its non-hydrocarbon sector.

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