GDP in Oman
Oman - GDPThe economy likely slowed last year, as suggested by a year-on-year dip in oil production in January–November. Moreover, the non-oil economy appeared constrained: Bank lending growth to the private sector was modest through November, potentially dampening private consumption and fixed investment. In addition, government spending dropped slightly in January–November, while a sharper fall in revenues led to a wider fiscal deficit. On the external side, although the merchandise trade surplus widened in January–September, this was due to imports dropping faster than exports. Meanwhile, the government announced in late January that the long-delayed VAT of 5% would come into force at the beginning of 2021; the recent drop in oil prices highlights the government’s need to diversify revenue.
Oman - GDP Data
|Economic Growth (GDP, annual variation in %)||1.4||4.7||5.0||-0.9||-|
5 years of economic forecasts for more than 30 economic indicators.
Oman GDP Chart
Source: National Center for Statistics and Information and FocusEconomics calculations.
|Exchange Rate||0.39||0.06 %||Dec 31|
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