Oman’s GDP rises 16% to reach OMR33bn by December 2021

Muscat: The Gross Domestic Product (GDP) of the Sultanate of Oman at the end of December 2021 increased by 16.1 per cent to reach OMR33.016 billion compared to OMR28.442 billion at the end of December 2020, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

Statistics indicated that this increase is attributed to the rise in the value-added of oil activities at the end of December 2021 by 38.5 per cent, recording OMR10.547 billion, compared to OMR7.617 billion at the end of December 2020. The largest share was for crude oil at the end of December 2021, which amounted to OMR8.998 billion, constituting a growth of 46.6 per cent compared to the end of December 2020, when crude oil recorded OMR6.139 billion.

Natural gas activities increased by 4.8 per cent to reach OMR2.549 billion compared to the end of December 2020, which recorded OMR1.478 billion.

The total non-oil activities at the end of December 2021 amounted to OMR24.044 billion, comprising an increase of 8.4 per cent compared to the end of December 2020 when non-oil activities recorded OMR22.178 billion.

Service activities came at the forefront of non-oil activities, recording OMR16.571 billion, constituting growth of 6.5 per cent compared to the end of December 2020, when it recorded OMR15.563 billion.

Communications activity decreased at the end of December 2021 by 7 per cent. Public management and defence activities also went down by 2.1 per cent.

Several other activities recorded an increase, namely transport and warehousing by 19.4 per cent, wholesale and retail trade by 15.5 per cent, real estate, professional, technical and administrative by 9.5 per cent, other service activities by 6.6 per cent and financial and insurance activities by 5.5 per cent, as well as accommodation and food services by 5.5 per cent.

The value of industrial activities at the end of December 2021 reached OMR6.687 billion, comprising a rise of 13.6 per cent compared to the end of December 2020 when it stood at OMR5.885 billion.

The basic chemicals industry recorded the highest surge in total industrial activities by 79.5 per cent, while other manufacturing industries (which include refined petroleum products industry) went up by 19.9 per cent, mining and quarrying activities increased by 4.3 per cent, while the contribution of construction activities declined by 6.8 per cent.