Muscat - Arabstoday
Oman’s nominal gross domestic product (GDP) grew 22.7 percent to OMR27.95bn (US$72.62bn) during 2011, according to state media. The GDP of the non-OPEC exporter’s oil sector expanded 36.3 percent to OMR14.22bn, the country’s official Oman News Agency reported today. Crude oil activities made up the bulk of that increase, with GDP derived from this sector standing at OMR10.32bn last year. The contribution of natural gas to the Omani economy rose by 7 percent, while non-resources sectors including manufacturing (17.5 percent), electricity and water (9.5 percent) and construction (5.8 percent) also grew. Last month, the Institute of International Finance (IIF) forecast that Oman’s economy would expand by 6.4 percent this year amid a rise in exports from its non-hydrocarbon sector. “We witnessed very solid growth in Gulf economies last year, particularly in Oman, despite the struggling global economy and Arab Spring. We expect Oman\'s economy to grow higher than last year - at 6.4 percent in 2012,” said George Abed, IIF director for the Middle East and Africa. “The major part of this growth in Oman will not come from the oil and gas sector. Oil and gas has done a lot for government finances and the development of the country, but the major chunk, almost 70 per cent, of the growth will be from the non-hydrocarbon sector,” he added.