Times of Oman | News :: Economic fundamentals of Sultanate robust: Central Bank of Oman

Times of Oman | News :: Economic fundamentals of Sultanate robust: Central Bank of Oman:



"The Oman's gross domestic product (GDP) at current prices grew by 2.8 per cent during 2013, compared to 11.5 per cent in 2012, according to preliminary data regarding national accounts, the latest annual report of the Central Bank of Oman (CBO) revealed.



Nominal GDP contributed by the hydrocarbon sector registered a marginal decline of 1.0 per cent, primarily due to decline in crude oil prices, even though crude oil production increased during the year. The hydrocarbon sector accounted for around 50 per cent of the nominal GDP during 2013. The nominal GDP from non-hydrocarbon activities, key to the diversification process, witnessed a growth of 7.6 per cent during the year under review.



Within the non-hydrocarbon activities, the growth in GDP originating from the non-petroleum industrial activities slowed down from 5.5 per cent in 2012 to 2.8 per cent in 2013. Services sector with a share of around 37.3 per cent in nominal GDP during 2013 posted a growth of 10 per cent against 15.1 per cent in the previous year. The agriculture and fishing sector showed a growth of 8.6 per cent in 2013 as compared to 9.0 per cent in 2012, the CBO report stated."



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