Oman recorded OMR5.9bn trade surplus last year

Oman recorded OMR5.9bn trade surplus last year

Muscat: The Sultanate's trade balance in 2019 recorded a surplus of OMR5.9 billion, down by 4.7 percent from the surplus recorded in 2018, according to the National Centre for Statistics and Information (NCSI).In the fourth issue of the Economic Outlook of Oman highlighting the Sultanate's economic performance during 2019, the NCSI has released the prospective developments witnessed due to the global economic impact.The NCSI report highlights the Sultanate's economic performance in 2019, which recorded a decline in the growth of GDP at current prices by 4.3 percent as a result of the decrease in the value added of oil activities by 8.4 percent and a decrease in non-oil activities by 1.5 percent. The GDP decreased to OMR29.3 billion in 2019 compared to OMR30.7 billion in 2018.The report shows that the deficit in the Sultanate's general budget reached OMR2.62 billion, recording a decline in the total revenue by 3.3 percent, while the total public spending decreased by 2.9 percent, recording OMR13.2 billion.The decrease in the Sultanate's public spending in 2019 was due to the decrease in investment expenditures in by 7.4 percent compared to the previous year.The report states that the domestic liquidity (M2) in Oman grew by 2 percent in