Oman’s nominal GDP leaps 33.9% in first half

Strong oil prices allied with higher crude production has boosted Oman’s economy by nearly 33.9 per cent in current prices in the first half of 2010 and non-hydrocarbon sectors recorded growth, official data showed Wednesday.

The oil sector jumped by around 77.1 per cent in the first half of 2010 compared with the first half of 2009 while the non-hydrocarbon sector swelled by nearly 9.7 per cent in the same period, the Ministry of National Economy said in a statistical report, carried by Omani newspapers.

As a result, the country’s gross domestic product grew by 33.9 per cent in current prices in the first half of this year, the report said.

A breakdown showed growth stood at 13 per cent in the manufacturing sector, 3.7 per cent in farming, nine per cent in trade, 10.9 per cent in transport, storage and communication, 8.5 per cent in rents and real estate, five per cent in financial services and 7.8 per cent in public administration and defence.

Oman has not published data on real GDP but the International Monetary Fund projects real growth at around 4.7 per cent this year compared with 3.6 per cent in 2009. Growth is forecast to remain unchanged in 2011, the IMF said.

Oman’s oil production soared to a nine-year high last month to around 875,000 barrels per day while crude prices in the first half of 2010 were more than 30 per cent higher than their average in the first half of 2009