São Paulo – The Gross Domestic Product (GDP) of Oman grew 11.5% in 2012 and totalled the equivalent to US$ 77.76 billion, according to figures disclosed by the National Statistics and Information Centre and disclosed by Emirates 24/7, from Dubai. The oil sector had growth of 10.9% and the non-oil sector, 12%, on average.
The non-oil sector made possible a fiscal surplus of approximately US$ 8.3 billion in 2012, after a deficit of US$ 292 million in 2011. According to the National Statistics and Information Centre of Oman, oil revenues grew as the price of the commodity rose in 2012 and as production was up.
Oil exports also grew in the period. The growth was 33.8% over 2011, climbing from US$ 20.9 billion to US$ 26.9 billion. Production reached an average of 918,000 barrels a day, 3% more than the 884,000 barrels produced a day in 2011. The country has proven reserves of five billion barrels of oil a day.
Growth and spending
It was not only the oil sector that made growth possible in Oman in 2012. According to the National Statistics and Information Centre, the service sector grew 16.4%; trade, 15.3%; industry, 4%; the hospitality sector, 14.9%; transportation, 12.3%; financial services, 10.5%; and health and education, 15.8%.
The country plans to increase spending by 113% from 2011 to 2015 to finance its development plan. Authorities forecast that greater spending should be financed by greater production of oil and by the price of the commodity.
*Translated by Mark Ament
