MUSCAT: Preliminary national accounts data for the Sultanate indicate that the nominal GDP declined by 1.9 per cent during the first half of 2019 compared to the same period last year.
The decline was reflected primarily in the non-petroleum sector with a fall of 3.4 per cent and the petroleum sector grew in nominal terms by 2.1 per cent.
The average oil price stood at $64.1 per barrel during the first 10 months of 2019 was lower by 5.3 per cent over the corresponding period of last year while the average daily oil production decreased marginally by 0.4 per cent to 970,900 barrels during this period, according to the bulletin released by the Central Bank of Oman (CBO).
Inflationary conditions remained benign as the retail inflation averaged 0.2 per cent during January-October 2019 in comparison with 0.9 per cent during the same period of last year.
The combined balance sheet of other depository corporations (conventional and Islamic banks) provides a complete overview of the financial intermediation taking place in the banking system in Oman.
The total outstanding credit extended by other depository corporations stood at RO 25.9 billion as at the end of October 2019, a rise of 3.9 per cent over the level witnessed a year ago.
Credit to the private sector increased by 3.4 per cent to RO 22.8 billion as at the end of October 2019. Of the total credit to the private sector, the non-financial corporate sector stood at 46.2 per cent, followed by the household sector (mainly under personal loans) at 45.1 per cent, financial corporations at 5.3 per cent and other sectors the remaining 3.4 per cent.
Total deposits registered a growth of 3.1 per cent to RO 23.2 billion as at the end of October 2019. Private sector deposits of the banking system registered a growth of 5.8 per cent to RO 15 billion as at the end of October 2019.
Sector-wise, the share of households was 49.6 per cent of the total private sector deposit base, followed by non-financial corporations at 30.5 per cent, financial corporations at 17.7 per cent and the other sectors at 2.2 per cent. — ONA
Oman Observer is now on the WhatsApp channel. Click here
