GDP RISES 4.6% IN 2014 TO TOUCH RO31.45BN

MUSCAT: Oman’s gross domestic product (GDP) saw a 4.6 per cent increase in 2014 recording RO31.45bn till December compared to RO30.06bn in 2013.

The National Centre for Statistics and Information (NCSI) has said that 2014 saw a 2.4 per cent fall in petroleum production, recording RO14.84bn against RO15.2bn in 2013. Crude oil contributed RO13.78bn registering a 1.9 per cent decrease compared to RO14.04bn in 2013. Natural gas, on the other hand, posted a decline of 8.5 per cent in 2014 to RO1.06bn against RO1.15bn in 2013.

Meanwhile, the total value of non-petroleum activities registered a 10.1 per cent growth reaching RO18.92bn compared to RO17.19bn in 2013.

The services sector witnessed a rise of 13.1 per cent at RO12.81bn during 2014 compared to RO11.33bn in 2013.

Under the services sector, hotels and restaurants logged a growth of 8.6 per cent, while transport, storage and communication sector grew by 7.2 per cent. The wholesale and retail trade witnessed a modest two per cent growth.

Financial brokerage services posted a growth of 9.3 per cent, while real estate, lease and commercial projects grew by 6.5 per cent. Growth in public administration and defence activities stood at 14.4 per cent. Other services logged a 31.3 per cent rise.

The value of industrial activities in 2014 reached RO5.7bn posting a 3.8 per cent increase compared to RO5.49bn in the previous year.

The processing sector that includes refined oil products industry led the growth in industrial activities by recording a 13.7 per cent rise.

Mining and quarrying sector logged an 8.5 per cent increase at RO124.5mn.

Electricity and water supplies industry witnessed an increase of 8.6 per cent to reach RO376.2mn, while the construction industry witnessed a growth of 8.3 per cent touching RO2.05bn. Oman’s GDP at producer price witnessed a growth of 4.2 per cent at RO33.12bn, compared to RO31.79bn in 2013.

SOURCE: Muscat Daily