Oman’s Q1 GDP up by 15%
18 Aug 2011
(MENAFN) Oman’s finance ministry said that as a result of higher oil prices, in the year’s first quarter, the country’s economy expanded by 15.3 percent, reported Arabian Business.
The ministry added that in the first quarter, the Sultanate increased its oil production by around 4 percent from 2010 to 79.8 million barrels, moreover, hydrocarbon-related gross domestic product (GDP) surged by 17.8 percent.
It also said that in 2011’s first six months, spending increased 12.1 percent from 2010 to USD10.2 billion, furthermore, in March, import growth slowed notably to 9 percent from 26 percent in February.
It is worth noting that in June, annual inflation slowed to 4 percent from 4.4 percent in the previous month.