Business | Economy
Oman economy grew 13.1% last year
Oman's economy registered year-on-year nominal GDP growth of 13.1 per cent - reaching 15.5 billion Omani riyals (Dh147.1 billion) - in 2007, the Kuwaiti think-tank Global Investment House (GIH) said in its analysis of the country's economic outlook.
- Staff Report
- Published: 00:36 May 7, 2008
Muscat: Oman's economy registered year-on-year nominal GDP growth of 13.1 per cent - reaching 15.5 billion Omani riyals (Dh147.1 billion) - in 2007, the Kuwaiti think-tank Global Investment House (GIH) said in its analysis of the country's economic outlook.
According to the report, this significant growth has been maintained for the fourth consecutive year.
An increasing focus on non-oil sectors growth is playing an important role in driving the GDP growth, GIH said. In 2006, the country's nominal GDP grew 15.6 per cent to reach 13.7 billion riyals for the year. While the oil sector accounted for 45.3 per cent of the GDP in 2007, the non-oil sectors also were the engines of growth during the period, contributing about 14.3 per cent of the nominal GDP. The services sector's share was 39 per cent in 2007. In 2007, oil and natural gas contributed to about 76 per cent of government revenues.
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