Economy grows 15.1 per cent

MUSCAT: The Sultanate’s economy continues to witness good progress and achieved an accelerated growth of 15.1 per cent during the first half of 2018 as compared to 10.3 per cent in the same period last year. The hydrocarbon and non-hydrocarbon sector grew by 37.1 per cent and 5.1 per cent, respectively. The continuous policy efforts and improving business environment supported sustained expansion in non-oil economic activities.
Inflation also remained benign and supportive of growth. Average annual inflation based on CPI for the Sultanate stood at 0.9 per cent during January-November 2018. Meanwhile, the banking activities gained further traction in line with pickup in overall economic activities. In the combined balance sheet of conventional and Islamic banks, total outstanding credit stood at RO 25.1 billion as at the end of November 2018, a rise of 6.5 per cent. — ONA