Complex Made Simple

Oman GDP grows 3.8 per cent in 2014

Country reported a budget deficit in May this year due to a drop of 36 per cent oil revenues

The gross domestic product of Oman grew by 3.8 per cent at current prices in 2014 to total OMR31.2 billion, according to fresh figures.

The ratio signals a 1.4 per cent growth from the figure reported in 2013 when the sultanate’s GDP grew by 2.4 per cent to total OMR30.1bn.

The figures indicate that the Arab nation’s GDP continues to maintain its upward trend in the past few years.

According to the National Centre for Statistics and Information, Oman’s GDP stood at OMR22.6bn in 2010 but in 2011, it shot up to OMR26.9bn, up by 18.9 per cent, driven by a hike in oil prices at that time.

By the end of May this year, Oman reported a budget deficit of OMR1.5bn as a result of lower oil revenues by 36 per cent due to the plunge in crude oil prices in international markets.

According to the data published by the Oman News Agency, Oman’s total income in the first five months of the current year amounted to OMR3.08 million compared with OMR6.04bn in the same period last year, marking a 36 per cent dive.

(OMR1 = AED9.54, at the time of publishing)