MUSCAT — The Sultanate’s Gross Domestic Product GDP rose in the first quarter this year by 18.9 per cent compared to the corresponding period in 2011. Recent statistics issued by the National Centre for Statistics and Data show the value of the Sultanate’s GDP at the end of March this year stood at RO 7,371 million compared to RO 6,198.6 million at the end of March 2011.
The data on the performance of the Omani economy indicates that oil activities achieved 25.7 per cent growth during the first quarter of 2012, with their value rising from RO 2,966.8 million at the end of March 2011 to RO 3,730.3 million at the end of March 2012. Crude oil growth rate increased by 25.4 per cent to RO 3,430.1 million during the first quarter this year compared to the corresponding period in 2011. The added value for natural gas rose by 29.9 per cent to RO 300.2 million as of the end of March 2012. The value of non-oil activities rose by 12.4 per cent during the first quarter of 2012 to RO 3,773.6 million compared to RO 3,357.1 million at the first quarter of 2011.
The service sector has been on the lead, with its added value soaring 12.8 per cent. The added value of hotels and restaurants rose by 10.3 per cent compared to 8.4 per cent in the sector of real estate, rent and other projects, 6.8 per cent in the brokerage sector, 7.1 in the sector of transport, stores and communication and 7.6 per cent in the retail and wholesale sector.
In second rating, the value of industrial activities in the non-oil sector rose by 12.1 per cent, thanks to the good performance of converting industries which grew by 24.8 per cent, while electricity and water supply activities grew by 12.8 per cent. The construction sector activities posted an increase of 4 per cent during the first quarter of 2012, followed by the sector of mining (3.7 per cent).
In third place, the activities of the agriculture and fisheries sector increased by 2.1 per cent during the first quarter of this year, with the added value of the sector standing at RO 67.2 million compared to RO 65.8 million in the first quarter of 2011.
Meanwhile, September Brent crude shot up to a session high of $109.13, gaining $3.23, or 3.05 per cent, while New York crude for September delivery hit a session high of $91.15 a barrel, up $4.02, or 4.61 per cent. Gold also climbed, with spot gold up 0.8 per cent. — ONA/AFP
