Oman unemployment falls as economy grows - Emirates24|7

Oman unemployment falls as economy grows

Omani unemployment has fallen to as little as five per cent compared with almost 20 per cent in 2003, the Times of Oman reported, citing the Ministry of Manpower.

Unemployment now is at between five per cent and six per cent, Younis bin Khalfan Al Akhzami, director-general of planning and development said, according to the newspaper.

Like other states in the world's top oil-exporting region, Oman's economy is surging on a near six-fold rise in oil prices in the last six years. Oman's economy expanded 7.2 per cent in real terms in 2006, its second-fastest pace this decade.

Its gross domestic product probably grew to OMR15.51 billion at current prices in 2007, helped by higher oil prices, state-run Oman News Agency (ONA) reported last month, citing the economy minister.