Despite adverse global developments, Omani economy continued to sustain the momentum in growth, registering a rise in gross domestic product (GDP) at current prices by 18.9 per cent to stand at RO 7,371 million during the first quarter of 2012, compared to RO 6,198 million during the same period last year. While nominal GDP emanating from the petroleum sector posted a growth of 25.7 per cent, non-petroleum sector rose by 12.4 per cent during the first quarter.
The average rate of inflation stood lower at 3.1 per cent during the first half of this year compared to 4 per cent last year. The overall fiscal balance, as well as the country’s external current account continued to improve significantly mainly due to high crude oil prices prevailing in the international market. Consistent with sustained recovery of the Omani economy, the monetary and banking indicators continued to strengthen.
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