Sunday, 2 Apr 2023
Oman’s GDP tops RO30bn

Oman’s GDP tops RO30bn

The second meeting of the SCP was held beneath H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry and the Deputy Chairman, in the presence of other SCP members. It was discussed that Oman’s GDP crossed RO30bn at present rates by the finish of 2018, in spite of the decline in oil rates.

The meeting reviewed the procedures of the SCP General Secretariat as component of the tenth 5-year program (2021-25) which will be the initial executive program of the Oman 2040 Vision. In addition, the important sectors of the ninth 5-year program (2016-20), significant strategic projects, other improvement projects, how to address challenges facing some of the projects and finance plans obtainable had been discussed as well in the meeting.

The SCP reviewed Oman’s Economic Performance Report, the neighborhood and international financial circumstance, such as government companies’ investments and the gross domestic item (GDP) indicators. This was due to the prudent fiscal policies adopted by the government in the course of the initial 4 years of the program, financial diversification projects (Tanfeedh), and public and private sector investments to decrease dependence on oil revenues.

The report pointed out that the GDP at the finish of the final quarter of 2018 grew at a price of 12 per cent at present rates.

The development price of non-oil activities was two.9 per cent although the GDP continued to attain excellent development prices, driven by the rise in total oil activities, such as the activities of crude oil and organic gas sector. The report also pointed to the rise in non-oil exports in the course of the final interval, which grew by 34 per cent at the finish of November 2018.

The SCP also reviewed the Great Strategic Financial Projects Follow-up Report beneath progress in the distinct governorates of the nation especially in the financial, totally free and industrial zones and ports.

The deputy chairman and members discussed the different social projects and schemes especially these connected to the wellness sector. The SCP reviewed the subject relevant to the urban organizing, such as the controls to boost the maximum limits of industrial and residential buildings’ heights in addition to other subjects on the agenda.

Information Source: Muscat Daily

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