Non-oil sector value-added hits RO 15.3bn

MUSCAT: Value-added in non-oil activities by the end of the third quarter of 2018 reached RO 15.3 billion contributing 67 per cent of the Sultanate’s GDP, according to the National Centre for Statistics and Information (NCSI). The NCSI’s quarter annual analysis of the Sultanate’s economy report pointed to an increase of 7 per cent in the value-added of agricultural and fishers while the value-added of services and industrial sectors grew by 4.1 per cent and 1.2 per cent, respectively. The value-added of oil sector registered RO 8.5 billion in the third quarter of 2018 compared with the same period of the previous year.

An increase of 36.2 per cent (or RO 6.6 billion) in the value-added of crude oil contributed to increasing the value added of oil activities. The value added of natural gas grew by 99.3 per cent at RO 1.9 billion. GDP at current prices increased 15.3 per cent from 20 billion at the end of the third quarter 2017 to RO 23 billion by the end of the third quarter of 2018. The increase is attributed to a rise in the average oil price from $50.6 in 2017 to $67.2 in 2018. As regards the state general budget, the NCSI data showed that the budget deficit fell by 36.1 per cent at RO 1.9 billion at the end of the third quarter of 2018 compared with a deficit of RO 3 billion registered at the end of the third quarter of 2017.