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FINANCIAL NEWS
Oman’s GDP drops by 2.4pct in Q1
23 Oct 2016
(MENAFN) Oman’s GDP derived from the petroleum sector contracted by 34 percent in Q1 of this year and the non-petroleum sector declined by 2.4 percent.
Moreover, Omani crude oil fetched an average price of USD37.6 per barrel amid the Jan-August period of this year to USD60.2 per barrel in 2015.
Accordingly, given the trend of low crude oil prices and slowdown of the economy, the financial situation in the balance of payments came under pressure this year.
The Sultanate has engaged in tapping the global fiscal markets for external borrowings and the investor appetite has been positive.
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