Sultanate’s GDP grows by 6.5pc in first quarter

MUSCAT: The Sultanate’s gross domestic product (GDP) rose at the end of the first quarter of 2018 by 6.5 per cent to reach RO 7,034.4 million, compared to RO 6,605.7 million during the same period of 2017, according to statistics released by the National Centre for Statistics and Information (NCSI). Oil activities led the growth with 16.5 per cent, recording RO 2,336.4 million, compared to RO 2,006.1 million at the end of the first quarter of 2017. The share of crude oil from oil activities as at the end of the first quarter amounted to RO 1,713.1 million, an increase of 1.1 per cent from the end of the first quarter of 2017, in which crude oil recorded RO 1,695.3 million.

Natural gas increased by 100.6 per cent to RO 623.2 million, up from RO 310.8 million by the end of the first quarter of 2017. At the end of the first quarter of 2018, total non-oil activities amounted to RO 4,929.3 million, an increase of 2 per cent over the end of the first quarter of 2017. The contribution of non-oil activities amounted to RO 4,832.2 million. Services activities were at the forefront of non-oil activities and amounted to RO 3,534.3 million, a growth of 1.5 per cent over the end of the first quarter of 2017, in which service activities recorded of RO 3,480.7 million.

The sub-sectors of service activities recorded an increase in transport, storage and communications by 6.9 per cent, hotels and restaurants by 7.2 per cent, real estate, leasing and business activities by 6.5 per cent, financial intermediaries by 7.3 per cent and wholesale and retail by 6.5 per cent. Public administration and defence activities fell by 4.9 per cent and other services dropped by 2.9 per cent. The industrial activities recorded RO 1,215.8 million at the end of the first quarter of 2018, an increase of 2.6 per cent over the end of the first quarter of 2017, which recorded RO 1,184.9 million. The manufacturing sector led that rise, recording 17.8 per cent growth from the end of the first quarter of 2017. — ONA