Supreme Council for Planning discusses sultanate’s economy
The Supreme Council for Planning (SCP) on Monday held its third meeting for 2018 under the chair of H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry, and deputy chairman of SCP.
The meeting reviewed a report on the performance of the Omani economy.
The report pointed out that the Omani economy has maintained positive growth rates as the GDP grew by 6.5 per cent in the first quarter of 2018, driven by the rise in total activities in the oil sector. Crude oil activities increased by 1.1 per cent while gas activities increased by 100 per cent.
Further, the council stated that the contribution of the nonoil sectors grew by two per cent during the first quarter of 2018.
The manufacturing sector registered a growth of 17.8 per cent while other manufacturing industries recorded an increase of 22 per cent. The mining and quarrying sector recorded a growth of 15 per cent. The basic chemicals industry sector grew by 14 per cent. In the period, the agriculture and fisheries sector grew by 7.6 per cent.
The construction sector decreased by 12.6 per cent. The wholesale and retail trade sector grew by 6.5 per cent. The hospitality sector recorded a growth of 7.2 per cent. Transport, storage and communications sector rose by 6.9 per cent.
The real estate, leasing and business activities sector grew by 6.5 per cent. Other services decreased by three per cent compared to 2017.