Oman’s revenue up at RO 2.7 billion in Q1

Oman’s total revenues for the first quarter of 2019 increased by 32 per cent to RO 2.7 billion, from RO 2.1 billion compared to the same period last year.
The total public spending increased by 4.3 per cent to RO 2.6 billion, according to an analysis of the economic situation presented by the National Centre for Statistics and Information (NCSI).
The data indicates that the Gross Domestic Product (GDP) at current prices decreased by 1.6 per cent from RO 7.2 billion in the first quarter of 2018 to RO 7.1 billion in the first quarter of 2019. This decrease is due to the decrease in the average oil price from $62.9 per barrel in the first quarter of 2018 to $61 in the same quarter of 2019.
The value-added of oil activities was RO 2.41 billion in the first quarter of 2019 compared to RO 2.43 in the same quarter of the previous year.
The decrease in the value-added of crude oil by 2.5 per cent led to a decline in the oil activities, which amounted to RO 2.02 billion, while the value-added of natural gas increased by 10.8 per cent to reach RO 394.7 billion in the first quarter of 2019, compared to RO 356.4 billion for the same period of 2018.
This decrease is due to the decrease in the value-added of industrial activities by 4.8 per cent, while the value-added of agricultural and fish activities increased by 18.6 per cent, and the value-added of service activities increased by 0.4 per cent.
The report indicates that the surplus in the trade balance in the first quarter of 2019 rose by RO 259 million compared to the same quarter of the previous year to reach about 1.5 billion. The surplus in the trade balance is due to the increase in the value of merchandise exports by 1.4 per cent to RO 3.7 billion.
The value of merchandise imports decreased by 8.5 per cent to register about RO 2.2 billion compared to RO 2.5 billion in the first quarter of the previous year.