The Gross Domestic Product (GDP) of the Sultanate of Oman jumped by 10.4 percent in 1999 as compared with the previous year, according to the most recent annual report of the Central Bank of Oman(CBO).
The CBO attributed the growth to a substantial rise in international oil prices, which lifted the contribution of the petroleum sector, the Oman Observer reported. Average oil prices for Omani crude rose $17.35 per barrel in 1999, compared to $11.92 a barrel in 1998.
Crude oil production in the Gulf Arab State hit 330.2 million barrels last year, marginally surpassing the output level of 328.7 million barrels during 1998. Non-petroleum sectors, including agriculture and services, decreased by 2.2 percent in 1999.
As part of Oman’s Vision Conference, economic goals were set for the year 2020. By the year 2020, it is expected that the economy will no longer rely on oil, but will be diversified with higher levels of savings and investment and that other sources of national income from the non-oil sector will assume the primary role. The crude oil sector's share of GDP is estimated to drop to around 9 percent in 2020, compared to approximately 41 percent in 1996. The gas sector is expected to constitute nearly 10 percent of GDP in 2020 compared with less than 1 percent in 1996. The industrial sector is where the major change is envisaged, with the non-oil sector's contribution soaring from 7.5 percent in 1996 to 29 percent in 2020.–(Albawaba-MEBG)
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