Total outstanding credit rises by 8.9 pc in January

MUSCAT: Despite the oil prices continuing to remain relatively low, albeit some improvement seen in the recent period, the overall prospects of the economy in general and the banking system in particular, remained resilient taking into account the adoption of bold policy measures, economic diversification, continuation of government expenditure on key strategic projects, accommodative monetary policy and the role of the private sector in the growth process, according to a report issued by the Central Bank of Oman (CBO).

Preliminary national accounts data for Oman indicate that the nominal GDP declined by 9 per cent during the first nine months of 2016 compared to the same period last year. The decline was reflected primarily in the petroleum sector with a fall of 29.4 per cent and a marginal drop of 0.2 per cent in the non-petroleum sector. While manufacturing and wholesale and retail trade were adversely affected, value addition showed positive growth mainly in construction, agriculture and fishing, as well as in real estate services. — ONA