Oman’s GDP scored a 9.5 percent decline in Q2 2023 compared to the same period last year. This was primarily due to a drop in oil production.
The Oman GDP at current prices fell to $26.3 billion, according to the National Center for Statistics and Information.
The country registered an 18.3 percent decrease in the value of oil-related activities during Q2 this year. This drop went from 4.46 billion rials in 2022 to 3.64 billion rials today.
The value of crude oil activities dropped by 19.5 percent to 3.17 billion rials, and natural gas activities descended by 9.2 percent to 475.6 million rials.
Non-oil sector revenue in Q2 also slipped by 3.6 percent. It fell from 7.12 million rials in the corresponding period last year to 6.86 million rials.
Oman’s GDP for H1 2023 witnessed a 2.4 percent decline, reaching 20.39 billion rials compared to the same period last year.
Oman’s banking sector
Oman’s banking sector witnessed an 8.7 percent growth in credit and deposits, reaching 30.3 billion rials in the first seven months of the year, Central Bank of Oman (CBO) figures showed.
Credit extended to the private sector also grew by 9.3 percent during the same period, reaching 25.5 billion rials.
Read: Oman’s economy estimated to expand by 2.5 percent this year
A look at Oman’s economy in 2022
The GDP of Oman’s economy grew by 30 percent in 2022 boosted by hydrocarbon and non-hydrocarbon sectors, which grew by 61.6 percent and 16.9 percent, respectively. This was according to the CBO in its Annual Report for the year 2022.
Output from petroleum activities grew 10.2 percent supported by 5.9 percent growth in natural gas output.
Among the non-petroleum industrial activities, the output from manufacturing in real terms witnessed a growth of 17 percent. The Mining and quarrying sector and the electricity and water supply field witnessed growths of 10.5 percent and 4.5 percent, respectively.
Government revenue during 2022 witnessed a notable increase of 29.3 percent compared to the previous year, as did government expenditure which increased by 7.3 percent over the previous year.
The banking sector saw total assets of the banking sector increasing by 0.8 percent to reach OMR38.8 billion at the end of 2022.
The total credit increased to OMR29.2 billion in 2022 showing a growth of 4.8 percent over 2021, while aggregate deposits showed a growth of 1.1 percent by the end of the year.
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