Qatar Daily News

The Omani government is expecting the economy to bounce back strongly in 2010, following slower growth in 2009 as a result of the global financial crisis.

The minister of national economy, Ahmed Macki, was reported on January 2 saying that he anticipated Oman’s GDP to grow by 6.1% in real terms during 2010, with inflation remaining relatively stable at 3.5%. Macki also revealed to the public that Oman’s debt as of the end of 2009 stood at RO722m ($1.88bn), with RO252m ($655m) held domestically. The 2008 debt figures are not available. However, in 2007 national debt stood at RO1.001bn ($2.6bn), indicating that the government is continuing to pay down debt.

As global market fundamentals return to a more favourable outlook for 2010, Oman can be reassured that it has weathered the storm of 2009 without too much discomfort, and remains in good shape to take advantage of renewed trade and investment opportunities. The IMF anticipates 3.8% real GDP growth for the Sultanate in 2010 – down slightly on the predicted figure of 4.1% for 2009, yet with a more stable consumer price outlook of only 3%, down from 3.3%

The new projects to be implemented during 2010:
Read the rest of this entry »

The Sultanate is ranked fourth in the MENA region level in the economic freedom index 2010 published by the US-based Heritage Foundation on its website.

The Sultanate got 67.7 points in the index which measures 122 countries in the world. The Sultanate was ranked 43rd on the global level.
Read the rest of this entry »

Oman’s gross domestic product (GDP) at current prices declined by 27.4 percent as of the end of the third quarter of 2009 compared to the same period in 2008, new data has showed.

According to figures released by the National Economy Ministry and published by Oman News Agency, the decline was attributed to a fall in economic activity, particularly in the oil sector.

Services related to oil and gas production decreased noticeably due to the fall in crude oil prices, the report said, adding that the average price for oil was $51,85 as of the end of the third quarter of 2009 compared to $103.87 in the corresponding period in 2008, a decline of 50 percent.
Read the rest of this entry »