Muscat, The National Centre for Statistics and Information (NCSI)
released the second issue of the Economic Outlook of the Sultanate, which highlighted the
economic performance of the Sultanate during 2017. It also laid emphasis on the global
economic developments and the prospects for growth.
According to the projections of the Arab Monetary Fund (AMF), the Sultanate’s economic
growth rate is expected to reach 2.8% in 2019. This came as a result of policies persued
to diversify production, stimulate private sector investment, improve the business
environment, and boost competitiveness.
The inflation rate in the Sultanate of Oman is expected to rise from 1.6% in 2017 to 3% in
Global economic is expected to grow by 3.9% in 2019. This is according to the
projections of the International Monetary Fund (IMF). The growth rate of developed
economies is projected to grow by 2.2% in 2019.
Emerging and developing economies expected economic growth is 5.1% in 2019. The
growth of world trade in goods and services is expected to reach 4% in 2019.
According to forecasts of the Organization of Petroleum Exporting Countries (OPEC), the
total global average demand for oil in 2019 is expected to reach 100.2 million barrels per
day, which is an increase compared to 98.8 million barrels per day in 2018. The average
demand for non-OPEC oil in 2019 is expected to reach 61.7 million barrels per day, which
is an increase compared to 59.6 million barrels per day in 2018.
This report, which is released annually to analyses general economic situation of the
Sultanate during the year, covers several topics and key indicators, namely Gross Domestic
Product (GDP), public finance, monetary indicators, inflation and trade. It is aimed to exam
the features of the Sultanate’s economy objectively and transparently. This is based on
available statistical data and information, as well as important international reports released
by the World Bank, IMF, Arab Monetary Fund (AMF) and other international and regional
bodies that monitor changes in global economic situations, as well as show important
economic prospects in view of the opinions of experts.
According to the report of the IMF, the world economy grew by 3.7% in the year 2017,
and the developed economies grew by 2.4% and emerging and developing economies by
At the level of the Arab countries, the Arab Monetary Fund report indicated that the rate of
economic growth of the Arab countries at constant prices declined to about 0.9% in 2017,
compared to 2.2% in 2016. Similarly, the economic growth rate of GCC countries
decreased by 0.3% during the same year.
The report highlighted economic performance of the Sultanate in 2017, when there was a
growth of GDP by 3.7% at current prices, with an increase in the value added of oil activities
by 18.1% and non-oil activities by about 3.3%.
The deficit in the general budget of the Sultanate was of RO3.8 billion. Public revenues
increased by 12% to reach to RO8.5 billion, while total public expenditure decreased by
4.9% to reach to RO12.3 billion.
With regard to foreign trade indicators, the report indicated that the trade balance surplus
by the end of 2017 was RO.2.1 billion.
Regarding monetary indicators, total domestic liquidity M2 increased by 4.2%, and the
average interest rate on total nominal loans was 5% in 2017.
Source: Oman News Agency