Oman economy grows by 8.7 per cent at current prices in 2017

MUSCAT, JUNE 2 - In 2017, the Omani economy witnessed a remarkable improvement that included different sectors as it registered an 8.7 per cent growth at current prices after two successive years of recession. An analysis by the Central Bank of Oman (CBO) pointed out that the growth is attributed to the growth of oil activities by 20.8 per cent and non-oil activities by 3.9 per cent. This comprehensive improvement at the economic sector is due to the recovery of oil prices and the positive effect of the economic diversification. The figures point out that the average price of the Omani crude oil in 2017 stood at about $51.3 per barrel compared to $40.1 per barrel during 2016. The inflationary pressures in the Sultanate are still limited in general. The average annual inflation rate based on the consumer price index in the Sultanate stood at 0.6 per cent during the first three months of 2018.