Diversification big boost to Sultanate’s economy

MUSCAT: Oman’s economic indicators have shown positive signs as a result of economic diversification policies. Some of the key projects have made significant gains, according to performance indicators issued by the Implementation Support and Follow-up Unit (ISFU). While the work is ongoing on some projects, some are slated to be completed by 2023. Two years after completion of the labs phase of National Programme for Enhancing Economic Diversification (Tanfeedh), this report outlines the stages of initiatives produced by these labs. These initiatives are overseen by the Implementation Support and Follow-up Unit.

As per the Tanfeedh labs’ advice, the government has been boosting contribution of five target sectors in the Ninth Five-Year Plan, including logistics, manufacturing, tourism, fisheries and mining. According to June statistics issued by National Centre for Statistics and Information (NCSI), a GDP growth of 8.7 per cent was achieved in 2017 compared with 2016. GDP amounted to RO 27.9 billion in 2017 as against RO 25.7 billion in 2016. The value of non-oil activities amounted to RO 20.5 billion at the end of 2017 as against RO 19.7 billion in 2016.