MUSCAT: The Sultanate of Oman’s Gross Domestic Product (GDP) in current prices grew by 30.4 per cent by the end of the second quarter of 2022 to hit RO 20.4 billion compared to RO 15.6 billion during the corresponding period in 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI).
Statistics indicated that this rise is attributed to the surge in value-added hydrocarbon activities by 75.3 per cent and non-oil activities by 13.4 per cent.
Breaking down the figure, value-added oil activities went up by RO 3.4 billion to stand at RO 7.8 billion by the end of the second quarter of 2022 compared to
RO 4.5 billion by the end of the corresponding period in 2021. This is attributed to the growth of value-added crude oil by 82 per cent to reach RO 6.8 billion compared to RO 3.8 billion by the end of the same quarter in 2021.
Moreover, value-added natural gas surged by 39.8 per cent. Value-added non-oil activities increased by 13.4 per cent by the end of the second quarter of 2022 to stand at RO 13.3 billion. This is the result of growth in value-added industrial activities by 25 per cent, agriculture, forestry and fishing by 9.2 per cent and services by
8.8 per cent.
Meanwhile, the rise in value-added industrial activities is attributed to the surge of converting industries by 67 per cent, electricity and water coverage and sewage activities by 4.1 per cent and mining and utilising quarries by 28.4 per cent.
The surplus in the trade balance by the end of the second quarter of 2022 rose by RO 3.1 billion to reach RO 4.7 billion.
This is attributed to the increase in the value of merchandise exports by 61 per cent to reach RO 12.3 billion compared to
RO 7.7 billion during the corresponding period in 2021. — ONA