Government considering tax hikes and levies on major industrial companies in order to minimise potential shortfalls.
Oman’s Gross Domestic Product grew by 4.6 per cent by the end of December in 2014.
The Arab nation’s GDP amounted to OR31.45bn, compared to OR30.06bn in 2013, according to figures issued by the country’s National Centre for Statistics and Information.
Crude oil exports accounted for OR13.78bn, with a 1.9 per cent drop in revenues, compared with OR14.04bn in 2013.
Natural gas contributed OR1.06bn to the GDP, down by 8.5 per cent compared with OR1.15bn in 2013, the statistics indicate.
Commenting on the figures, Anchan C K, managing director at World Wide Business House, said: “Falling oil revenues, which represent about 80 per cent of the government’s budget, will inevitably put a damper on spending this year.” He added: that “The government is considering tax hikes and levies on major industrial companies in order to minimise potential shortfalls.”
According to the data, the total value of non-petroleum activities recorded a 10.1 per cent growth to OR18.92bn, compared with OR17.19bn in 2013.
Detailing the figures on non-oil sector growth, the report says the services sector grew by 13.1 per cent to OR12.81bn in 2014 from OR11.33bn in 2013.
Moreover, wholesale and retail trade activities edged up by only two per cent last year, while public administration and defence activities grew by 14.4 per cent.