madaresharghi <\/a>_ The growth in gross domestic product at market price was mainly driven by a marked rise in crude oil revenue in the international market, shows the monthly report released by the National Center for Statistics and Information on Monday, Reuters reported.<\/p>\nThis is the first time that the nominal GDP is showing a growth, within the last two years. \u201cThe nominal GDP was on a declining trend in the last two years. One of the biggest factors for a growth in nominal GDP now is an increase in the average price of crude oil\u2013which moved up to $51.6 per barrel for the first seven months of this year, from $36.4 a barrel for the same period of last year,\u201d said a senior market analyst, who preferred anonymity.<\/p>\n
Oman produced 205.32 million barrels of oil in the first seven months of 2017, against 213.40 million barrels for the same period of last year.<\/p>\n
As a result of a growth in oil price, oil sector GDP soared by 30.6% to OMR2,023.7 million for the first quarter of 2017, from OMR1,549.2 million for the same three-month period of last year. Crude oil sector contribution alone rose by 37.9% to OMR1,707.8 million.<\/p>\n
Non-oil sector GDP rose by 5.3% to OMR4,607 million from OMR4,376 million during the three-month period under review. \u201cNon-oil GDP also grew by 5.3%, which was driven by both industrial and service sectors,\u201d noted the analyst.<\/p>\n
Manufacturing of basic chemicals grew by 14.9% to OMR261.1 million in the first quarter of 2017, against OMR227.3 million for the same period of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oman\u2019s economy has achieved a robust 12.9% growth at OMR6,438.9 million ($16.7 billion) in the first quarter of 2017, against OMR5,703.2 million for the same period of last year. madaresharghi _ The growth in gross domestic product at market price was mainly driven by a marked rise in crude oil revenue in the international market, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[636,637],"yoast_head":"\n
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