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Sunday, 18 December 2011

Times of Oman: GDP expected to grow 5-6 per cent in Oman

Hamoud bin Sanjour al-Zedjali, executive president of the Central Bank of Oman, said in a statement to Oman News Agency (ONA) on the sidelines of Oman Islamic Economic Forum that the Sultanate’s GDP is expected to witness 5-6 per cent growth.

Al-Zedjali attributed this development to the high oil prices and increased public expenditure on development projects.

He added that the initial figures and indicators for 2012 budget point out that the budget will be based on estimating the oil price at $75 per barrel. This price is less than the price prevalent now. While the budget will include a deficit, it will greatly decrease if the oil prices remain at the current level or more.