Oman’s gross domestic product (GDP) at current prices increased by about 16.1 percent by the end of 2021 to reach 33 billion Omani riyals compared to about 28.4 billion riyals at the end of 2020, according to data released by the National Center for Statistics and Information (NCSI).
The total public revenues of the state increased towards the end of 2021 by 28.7 percent to reach about 10.9 billion riyals, compared to about 8.5 billion riyals at the end of 2020, while the total public expenditure decreased by 5.9 percent to 12.2 billion riyals.
The report “Analysis of the Economic Situation in the Sultanate of Oman” for the last quarter of 2021 indicated that the deficit recorded in the state’s general budget by the end of 2021 amounted to 1.2 billion riyals, constituting 3.7 percent of the GDP at the current prices.
This increase came as a result of a 39.7 percent surge in the average oil price, which rose from $46 per barrel at the end of 2020 to $64.3.3 per barrel by the end of 2021. Oil activity added value increased by 2.9 billion riyals, to approximately 10.5 billion riyals, compared to 7.6 billion riyals at the end of 2020 compared to 6.1 billion riyals by the end of 2020. Also, natural gas added value increased by 4.8 percent by the end of 2021.
