Oman’s Gross Domestic Product (GDP) hit OMR23.6 billion $61.3 billion during 2014, reports Times of Oman citing recent statistics.
According to the latest study released by the National Centre for Statistics and Information (NCSI), this represents an increase of 5.2 per cent, compared with OMR22.4bn in 2013.
NCSI statistics reveal that oil activities witnessed an increase of 1.4 per cent to OMR11.4bn, compared with OMR11.2bn during 2013.
The share of crude oil from oil activities for 2014 saw a two-per cent increase – reaching OMR10.7bn up from OMR10.4bn the previous year – while natural gas activities slumped by 6.8 per cent, recording OMR746 million in 2014 after it was OMR800.7m in 2013.
In 2014, the Sultanate’s non-oil activities total value increased by 8.2 per cent from OMR12.5bn in 2013 to OMR13.5bn. The same period, however, saw industrial activities slump by 3.5 per cent, falling from OMR3.3bn to OMR3.2bn.
It is worth mentioning that the GDP at product price witnessed a five-per cent hike in 2014, reaching OMR24.4bn, up from OMR23.3bn in 2013.
Times of Oman