Oman's economy grew 30.4 percent year-on-year in nominal terms in the first quarter, buoyed by higher oil prices and crude output, preliminary data showed on Sunday. The Gulf country's nominal gross domestic product jumped to 5.3 billion rials ($13.7 billion) from 4.0 billion a year ago, data from the economy ministry showed.
The sultanate's GDP fell by 19.8 percent at current prices in January-March 2009 as oil prices dropped following the global economic downturn. It rose 6.1 percent quarter-on-quarter in January-March 2010.
The ministry did not release GDP data in real terms. Oil and gas activities accounted for 48 percent of the non-OPEC member's economy in the first quarter, up from 35 percent in the same period of 2009.
Prices for Oman's crude jumped by 71 percent on average in the first quarter from a year ago. Inflation in Oman decelerated to 2.7 percent on an annual basis in June, data showed on Saturday.
Comments
Comments are closed.