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Oman GDP grows 5.2 per cent in first 9 months of 2014

The Arab Gulf nation’s GDP in the same period in 2013 stood at only 2.6 per cent, according to figures released by the Central Bank of Oman.

Oman’s Gross Domestic Product (GDP) at current prices expanded 5.2 per cent in the first nine months of 2014, Times of Oman reports, citing preliminary data.

The Arab Gulf nation’s GDP in the same period in 2013 stood at only 2.6 per cent, according to figures released by the Central Bank of Oman.

In the Jan-Sep period of 2014, the country’s nominal GDP emanating from the hydrocarbon sector edged up slightly by 1.4 per cent while the non-hydrocarbon sector delivered a strong growth of 8.2 per cent in the same period.

The bank says in its monthly bulletin that the balance of payments remained “comfortable” with both current account and overall position in surplus.

In other statistics, the total assets of commercial banks in the country surged by 11.1 per cent to OMR25.8 billion ($66.233 billion) in February 2015 from OMR23.2bn ($60.259 billion) a year ago.

Credit facilities to the private sector jumped by 11.2 per cent reaching OMR14.8bn ($38.441 billion) at the end of February 2015.

According to the bulletin, aggregate deposits held with commercial banks grew by 6.7 per cent to OMR17.6bn ($45.714 billion) in February 2015, compared with OMR16.5bn ($42.857 billion) in the same period of 2014.

Furthermore, government deposits in commercial banks rose by 6 per cent to OMR5bn at the end of February.