Oman’s nominal GDP up 22.7% in 2011 Surge was a result of sharp rise in oil prices and output

Oman’s economy raced by nearly 22.7 per cent in current prices in 2011 after oil prices jumped by at least 50 per cent and the non-OPEC Gulf country pushed ahead with plans to boost its crude output, according to official data.

The country’s nominal GDP stood at RO27.85 billion (Dh273 billion) in 2011 compared with around RO22.77 billion (Dh223 billion in 2010, showed the figures by the Ministry of National Economy.



Growth was spurred mainly by the hydrocarbon sector which leaped by 36.3 per cent to RO11.41 billion (Dh112 billion) from RO10.43 billion (Dh102 billion), the report said.

The crude oil sector surged by 37.9 per cent while the gas sector grew by around 18.7 per cent in the same period.

The report showed the non-oil sector swelled by about 11.4 per cent in current prices to RO14.27 billion (Dh140 billion) last year from around RO12.81 billion (Dh125 billion in 2010.

Growth in 2011 was put at 17.5 per cent in the manufacturing sector, 9.5 per cent in electricity and water, 5.8 per cent in construction, 16.4 per cent in transport, storage and communications, 12.1 per cent in trade, 8.4 per cent in real estate and rents, and 8.1 per cent in hotels and restaurants.