The Sultanate’s Gross Home Product (GDP) stood at RO 7,389,500,000 by the tip of the primary quarter 2021, down by 2.5% by comparability to the corresponding interval in 2020 (7,580,700,000), in keeping with preliminary statistics launched by the Nationwide Statistics and Data Centre.
Oil actions dropped by 20.6% by the tip of the primary quarter in 2021 to RO 1,927,800,000 as towards RO 2,428,300,000 by the tip Q1 in 2020. Crude oil actions went down by 22.4% to RO 1,607,000,000 by the tip of Q1 in 2021 as towards RO 2,070,100,000 in the course of the corresponding interval final 12 months.
Pure fuel actions by the tip of Q1 this 12 months additionally declined by 10.4%, registering RO 320,800,000 as towards RO 358,200,000 by the tip of Q1 in 2020.
Non-oil actions by the tip of the primary quarter in 2021 elevated by 5.7% to RO 5,728,300,000, in comparison with RO 5,418,900,000 by the tip of Q1 in 2020.
Service actions led the expansion of non-oil actions, posting RO 4,081,100,000—up by 6.6% over their standing by the tip of Q1, 2020 (RO 3,829,600,000).
Nonetheless, by the tip of March 2021, telecom actions decreased by 1.1% and public administration and defence by 2.3%, whereas wholesale-retail commerce actions rose by 16%, transport and storage by 12.7%, residency (tenancy) by 7.7%, different service actions by 7.4%, finance and insurance coverage by 6.3% and actual property actions, occupational, technical and administrative serve by 2.2%.
As for industrial actions, they registered a rise of 5.7% to RO 1,479,400,000 by the tip of the primary quarter of this 12 months, in comparison with RO 1,399,000,000 by the tip of Q1, 2020.
Of this, the worth of fundamental chemical merchandise actions rose by 24.8%, whereas the industries sector’s actions went up by 23.3% and electrical energy and water provide by 8.5%. The contribution of mining and quarries went down by 37.7% and development actions by 6.8%.
Agriculture and fisheries-related actions went down by 11.9% on the finish of the primary quarter of this 12 months to RO 167,800,000 (in comparison with RO 190,300,000 by the tip of Q1, 2020).
The Sultanate is processing its statistical information in accordance with worldwide practices and requirements.
Key points of this modernization embrace the endorsement of the United Nation’s Nationwide Accounts System for 2008 and the UN “Nationwide Classification for Financial Actions (ISIC4).
The results of the expanded financial survey and the applying of the brand new methodology of GDP calculation reveals that the worth of the GDP elevated typically in Oman, with variation in contribution of financial actions within the GDP’s composition.