Arab Today, arab today oman\s economy grows by 15 on oil price
Last Updated : GMT 17:43:15
Arab Today, arab today
Arab Today, arab today

Oman\'s economy grows by 15% on oil price

Arab Today, arab today

Arab Today, arab today Oman\'s economy grows by 15% on oil price

Muscat - Arabstoday

Oman\'s economy grew by a faster 15.3 percent in the first three months of this year thanks to robust oil prices, and inflation edged down in June from a two-year high to 4 percent, touching the lower end of the central bank\'s forecast, data showed on Tuesday. The small non-OPEC oil producer, which faced several public protests this year demanding more jobs and an end to corruption, posted growth of 11.8 percent in nominal terms year-on-year in the last quarter of 2010.\"This is a good performance given the unrest in the first quarter, although much of the nominal growth could be accounted for by higher oil prices,\" said Liz Martins, senior MENA economist at HSBC. \"The key will be whether this feeds through to job creation, particularly among Omani nationals.\"Oman\'s gross domestic product rose 4.1 percent on a quarterly basis in January-March in nominal terms, down from 8 percent in the previous quarter, the finance ministry data also showed. The country does not release real GDP data on a quarterly basis.The Gulf Arab sultanate boosted its oil output by nearly 4 percent year-on-year to 79.8 million barrels in the first three months of 2011, when crude prices rose to as high as $107 per barrel fuelled by revolts in the Arab world. Its hydrocarbon-related GDP, which accounts for nearly half of the $58 billion economy, jumped by 17.8 percent in the first quarter, the preliminary data also showed. Protests prompted Sultan Qaboos bin Said, a US ally who has ruled Oman for 40 years, to promise $2.6 billion in spending in April. He also announced plans to create 50,000 new jobs, among other measures.A central bank official said on Monday Oman\'s economy was expected to grow by 5 percent in real terms this year, faster than 4.1 percent forecast by a Reuters poll of analysts in June . The International Monetary Fund estimated that Oman\'s real GDP rose 4.2 percent in 2010. Besides the higher oil production, increased fiscal spending - some 11 percent higher than the original plan - is seen as one of the factors supporting Oman\'s GDP performance this year at a time when growth in the West is stalling. Spending was up 12.1 percent at OR3.9 billion ($10.2 billion) in the first half of 2011 from a year earlier, although the government was still able to book a surplus of OR386.6 million, or 1.7 percent of GDP, the ministry data also showed.Bank lending growth in Oman, which pegs its rial to the US dollar, has also picked up over recent months to hit a two-year high of 12.6 percent in June, central bank data showed on Tuesday.Foreign trade remained strong, although import growth slowed sharply to 9 percent in March from 26 percent in the previous month, the ministry data showed on Tuesday, and oil prices plunged to $86 per barrel. Annual inflation in the country slowed to 4 percent in June from a two-year high of 4.4 percent in May, matching analysts\' forecast for 2011 average and well within the central bank\'s 4-5 percent projection for this year.Consumer prices grew 0.1 percent on the month in June, down from a 0.4 percent increase in May as a rise in food costs, which represent a third of expenses, slowed.The holy Muslim month of Ramadan, which falls in August this year, is seen putting a one-off upward pressure on prices, although inflation should keep trending down in the rest of the year due to weakness in developed economies. \"It (the Ramadan effect) is just a blip that dies out,\" said Fabio Scacciavillani, chief economist at Oman Investment Fund.\"The inflationary pressures, which were already weak, are ebbing and they would probably ... abate further in the rest of the year because the global situation is weak. With today\'s German GDP figures it is clear that there is a global slowdown,\" he said. From / Arabian Business News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oman\s economy grows by 15 on oil price Arab Today, arab today oman\s economy grows by 15 on oil price

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday