Industry in Oman

Oman Industry | Economic News & Forecasts

Oman - Industry

In 2018, the economic picture looks brighter than in 2017, when growth was negatively affected by reduced oil production. In the first three months of this year, the fiscal deficit was cut by half compared to the same period in 2017, thanks to increased oil revenue and reduced total expenditure. Higher oil revenue was due to higher prices, given that in January–April, oil production was stable vis-à-vis last year. Although this is welcome news given the poor state of the public finances, the government remains highly reliant on oil revenue to finance spending. This was not helped in December of last year, when the imposition of a VAT of 5% was postponed until 2019. Meanwhile, in the period up to April of this year, total credit and financing in the private sector increased at a healthy pace, suggesting solid economic activity in the period.

Oman - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)3.1  0.2  5.4  3.2  -     

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Oman Industry Chart


Oman Industry
Note: Annual variation of industrial production in %.
Source: Central Bank of Oman.

Oman Facts

ValueChangeDate
Exchange Rate0.380.06 %Aug 15
Stock Market0.10.0 %Aug 15

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