Oman’s nominal GDP surges over 32%

Oman’s nominal GDP surges over 32%

Hydrocarbon GDP jumps 70.9%, Non-oil GDP grows 14.9%, Manufacturing expands 65%, Services sector up 11.2%

Muscat – Oman’s economy is witnessing a remarkable expansion this year as elevated oil prices, increased hydrocarbon production and stronger non-oil growth have provided a much needed boost to the country’s GDP.

The sultanate’s nominal GDP – gross domestic product at current market prices – recorded a whopping 32.4 per cent growth in the first half of 2022, the fastest economic expansion in over a decade, official data released on Tuesday showed.

Nominal GDP surged to RO20.261bn in the first half of 2022 compared to RO15.302bn in the same period of 2021, according to data released by National Centre for Statistics and Information.

The GDP figures show that Oman’s economic growth is broad-based with all major sectors – oil and gas, industry, mining and services – recording robust expansion during the January–June period this year.

Supported by an oil price surge and higher gas production, hydrocarbon GDP jumped 70.9 per cent to RO7.848bn in the first half of the year from RO4.591bn in the same period last year.

The value of Oman’s oil production surged 76.8 per cent to RO6.862bn in the first half of 2022 against RO3.881bn in the corresponding