Oman’s economic recovery continues: IMF affirms
The Sultanate of Oman has welcomed the International Monetary Fund 2023 Article IV Consultation Report, approved by IMF Executive Board on Tuesday.
The report was issued following a series of consultations between IMF experts and over 20 government and private entities as part of the annual periodic consultations under Article IV of the Articles of Agreement of the IMF.
At the level of domestic economy performance,the report indicates that the Sultanate of Oman’s economic recovery continues, supported by favourable oil prices and sustained reform momentum. This manifested in the growth of the real GDP by 4.3 percent in 2022, primarily driven by the growth of hydrocarbon and non-hydrocarbon sectors, despite its slowdown in the first half of 2023 on the back of OPEC+-related oil production cuts.
In addition, non-hydrocarbon growth accelerated from 1.2 percent in 2022 to 2.7 percent in the first half of 2023, supported by recovering agricultural, forestry, fisheries, construction activities and robust services sector.
In terms of domestic prices levels, the report highlights the factors that contributed to containing inflation, which significantly receded from 2.8 percent in 2022 to 1.2 percent during January-September 2023. These include subsidies on basic food items, caps on domestic petroleum prices and the peg to a strong US Dollar.
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