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FINANCIAL NEWS
Oman’s GDP falls 14 percent in the Jan-Sep period of 2015
21 Feb 2016
(MENAFN) Oman’s gross domestic product (GDP) dropped by 14.2 percent in the first nine months of 2015, compared to the same period of a year earlier, due to plunging crude oil prices.
Moreover, the oil sector GDP fell by 38.5 percent, whereas the non-oil sector viewed an increase of 4.7 percent, basically coming from the services sector under transport.
In addition, the Sultanate’s financial balance changed from surplus to shortage over the period, due to the significant and persistent fall in crude oil prices.
The whole assets of commercial banks grew by 13.6 percent to USD 21.24bn in Dec 2015 from USD 64.25bn a year earlier, which accounted for 65 percent.
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