Oman Economic Outlook
October 29, 2019While oil production dipped in January–September in annual terms, hindered by OPEC+ production cuts, the non-oil economy appears to be humming along well. Inflation averaged a mere quarter of a percent in January–September, which should have supported private spending, while bank lending rose at a healthy pace in January–August in annual terms, which should have buffered fixed investment. Looking at the public purse, the fiscal deficit narrowed by a quarter in January–August compared to the same period a year earlier, thanks to higher revenue. Nevertheless, the government remains reliant on volatile oil revenues and, in late October, S&P Global Ratings said it would cut its sovereign credit rating of Oman if the government fails to curtail rising debt linked to its sizable fiscal deficits.
Oman Economic GrowthEconomic growth is expected to accelerate next year, propelled by healthy fixed investment amid low interest rates. Continued or deeper OPEC+ oil production cuts could weigh on growth, however. FocusEconomics Consensus Forecast panelists forecast growth of 2.6% in 2020, which is down 0.2 percentage points from last month’s forecast, and 2.8% in 2021.
Oman Economy Data
5 years of Oman economic forecasts for more than 30 economic indicators.
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|Exchange Rate||0.39||0.06 %||Sep 04|
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