Agri-fish sector grows 7 per cent in 2017

MUSCAT, AUG 12 - The agriculture and fishing sector in the Sultanate witnessed a robust growth of 7.0 per cent in 2017, albeit lower as compared to an annual average growth of 11.7 per cent during the period 2015-2016, according to the Central Bank of Oman (CBO). Agriculture and fisheries contributed around 2.0 per cent to the overall GDP in 2017, almost the same as in 2016, the apex bank stated in its newly released 2017 Annual Report. The contribution of agriculture and fishing to the GDP emanating from non-oil activities improved marginally to 2.6 per cent in 2017 from an annual average of 2.4 per cent during the period 2015-2016.

The real GDP stemming from agriculture and fishing sector also displayed progress during the recent years. The ‘Vision 2020’ has envisaged a target for annual average growth in the fishing sector at 5.6 per cent with its contribution to GDP at 2 per cent by 2020.

“The agriculture and fishing sector is gaining prominence under the diversification programme due to a huge scope especially in fishing as Oman is endowed with a long marine belt,” the Central Bank noted. “The agriculture, however, faces natural constraints due to the topography with scanty rainfall and very limited underground water, and therefore, Oman is not able to attain self-sufficiency in food grains and other agricultural products.

Hence, the movements in international commodity prices often have a bearing on the price situation in Oman. International commodity prices, after remaining largely benign, inched up considerably and added to inflation during 2017.”