Times of Oman
Dec 01, 2015 LAST UPDATED AT 10:02 AM GMT
Oman economy grows 2.8%
May 3, 2014 | 12:00 AM

Muscat: Oman's gross domestic product (GDP), calculated at market prices, grew by 2.8 per cent to OMR30,627.7 million in 2013, up from OMR29,797.7 million posted the previous year.

The GDP measure, which takes into account taxes and subsidies, comes against a government growth projection of five per cent and the IMF's projection of 4.2 per cent for last year.

The lower growth, according to market analysts, was mainly due to a fall in oil prices in the international market.

Although the Sultanate's oil production grew by 2.3 per cent to 336.16 million barrels in 2013 over the previous year, average price declined by 3.7 per cent from the previous year to $109.61 per barrel last year.
Industrial growth

"The industrial growth was also lower than the initial estimate," said Kanaga Sundar, Head of Research at the Gulf Baader Capital Markets.

"The only sector that was showing robust growth was the services sector. Retail sector and hospitality industry are all growing in line with the consumer spending."

Echoing a similar view, Joice Mathew, head of research at the United Securities, said that the contribution of the petroleum sector came down despite a growth in the production of oil last year.

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