Indicators reveal recovery of economy, says SCP official

Muscat: Macroeconomic indicators show the recovery of the economy in the first half of 2018, as the gross domestic product at current prices reached about RO 15 billion — a growth rate of 15 per cent. Talal bin Sulaiman al Rahbi (pictured), Deputy Secretary-General of the Supreme Council for Planning (SCP) said oil sector drove the growth. The sector grew by 37 per cent. Non-oil activities at current prices also showed a positive growth of 5 per cent, reaching RO 9.9 billion, compared to RO 9.4 billion in the same period last year, he said in a statement.
The fruits of the economic diversification have powered this growth led by manufacturing (14 per cent), tourism ( 21 per cent), mining sector (7.5 per cent), agriculture and fisheries (3 per cent), transport and communications (3.7 per cent). He added that it is expected that the gross domestic product at current prices by the end of 2018 will reach RO 30 billion, with a growth rate of (13.3 per cent). This is line with state’s budget for the same year, driven by an increase in the contribution of the non-oil sector, which is expected to reach RO 21.1 billion, in addition to the positive contribution of the oil sectors which amounted to RO 10.7 billion.
He said that the Supreme Council for Planning is currently working on a number of projects, the most important of which is the National Urban Development Strategy, as well as the project to prepare the future Oman Vision 2040, which will be the most important activities of the National Vision Conference at the end of January 2019. He pointed out that in an affirmation of the Royal directives of His Majesty the Sultan regarding the importance of involving the various groups of the society in the national plans and strategies, the Secretariat-General of the Council is implementing these directives through communication initiatives, seminars, workshops, virtual labs in social media platforms and other media platforms. He added that the Council has carried out a number of studies and strategies, some of which have entered implementation stage, including the establishment of the logistics city as well as many other projects. — ONA