Surging oil activities spark Oman’s economy
With historically high oil prices and strong overseas markets, Oman’s economy is reaping the benefits.
The value of oil related activities in the Sultanate were up 93.7 percent in the first half of 2000 in comparison to the first half of 1999, reports Asia Pulse. This sector jumped from RO 903.2 million to RO 1749.4 million in that period.
Overall, Oman’s GDP increased by 33.6 percent over the first half of 2000 compared to first half statistics from 1999. In terms of actual figures, the economy sky-rocketed from RO 2713.1 million to RO 3624.5 million ($US 9.4 billion).
Non-oil sectors amounted to a modest 5.2 percent increase, up from RO 1859.4 million to RO 1955.3 million. The services sector also jumped 5.2 percent in GDP, or RO 79.2 million more than in the first six months of 1999. Other sectors have also experienced growth, most of which can be attributed to the increased oil related activities. –(Albawaba-MEBG)