RIYADH: Oman’s economy grew by 30.4 percent in September 2022 year-on-year, thanks to increased oil production, local media reported, citing figures issued by National Centre for Statistics and Information.
The growth indicator — gross domestic product at current prices — increased to hit 32 billion Omani rial by the end of September 2022, compared to the same period a year before.
The NCSI data reported that the increase was largely due to the high growth rate in Oman's oil activities which surged 72.5 percent year-on-year up until the end of September 2022.
The data was derived from the first edition of the Quarterly National Accounts Indicators report issued by NCSI on Sunday.
Manufacturing activities also added to GDP growth, having increased 65.6 percent by the end of the third quarter of last year compared to a year prior.
Additionally, the NCSI report evaluated key indicators at current and constant prices, economic activities’ rates of growth, and other significant indicators lifting GDP within the period ending in September 2022.
The west Asia sultanate, however, witnessed a contraction in construction activity which slowed by 2.2 percent at current prices during that period.
Oman’s GDP at constant prices, on the other hand, recorded a rise of 4.5 percent to reach 26 billion Omani riyal in September, which was largely attributed to the 12 percent growth in oil activities.
Service activities also contributed, increasing by 5 percent during that period.
Oman's GDP had the second highest growth rate among the Gulf Cooperation Council countries, according to the World Bank report Global Economic Prospects.
The report released earlier this month forecasted the country’s GDP to rise at market prices at a rate of 3.9 percent in 2023. This ranks Oman second, after the UAE, for growth rates this year.
The GDP in the Middle East and North Africa region is expected to increase by 3.5 percent in 2023, and then decline to 2.7 percent the following year.
The World Bank's report also indicated that the GCC region could sustain an inflation rate below the global average during this year.