Oman’s GDP Value Improved: Shows UN Calculation Method
Muscat, 29 Jun (ONA) – The Sultanate’s Gross Domestic Product (GDP) stood at RO 7,389,500,000 by the end of the first quarter 2021, down by 2.5% by comparison to the corresponding period in 2020 (7,580,700,000), according to preliminary statistics released by the National Statistics and Information Centre.
Oil activities dropped by 20.6% by the end of the first quarter in 2021 to RO 1,927,800,000 as against RO 2,428,300,000 by the end Q1 in 2020. Crude oil activities went down by 22.4% to RO 1,607,000,000 by the end of Q1 in 2021 as against RO 2,070,100,000 during the corresponding period last year.
Natural gas activities by the end of Q1 this year also declined by 10.4%, registering RO 320,800,000 as against RO 358,200,000 by the end of Q1 in 2020.
Non-oil activities by the end of the first quarter in 2021 increased by 5.7% to RO 5,728,300,000, compared to RO 5,418,900,000 by the end of Q1 in 2020.
Service activities led the growth of non-oil activities, posting RO 4,081,100,000—up by 6.6% over their standing by the end of Q1, 2020 (RO 3,829,600,000).
However, by the end of March 2021, telecom activities decreased by 1.1% and public administration and defence by 2.3%, while wholesale-retail trade activities rose by 16%, transport and storage by 12.7%, residency (tenancy) by 7.7%, other service activities by 7.4%, finance and insurance by 6.3% and real estate activities, occupational, technical and administrative serve by 2.2%.
As for industrial activities, they registered an increase of 5.7% to RO 1,479,400,000 by the end of the first quarter of this year, compared to RO 1,399,000,000 by the end of Q1, 2020.
Of this, the value of basic chemical products activities rose by 24.8%, while the industries sector’s activities went up by 23.3% and electricity and water supply by 8.5%. The contribution of mining and quarries went down by 37.7% and construction activities by 6.8%.
Agriculture and fisheries-related activities went down by 11.9% at the end of the first quarter of this year to RO 167,800,000 (compared to RO 190,300,000 by the end of Q1, 2020).
The Sultanate is processing its statistical data in accordance with international practices and standards.
Key aspects of this modernization include the endorsement of the United Nation’s National Accounts System for 2008 and the UN “National Classification for Economic Activities (ISIC4).
The result of the expanded economic survey and the application of the new method of GDP calculation shows that the value of the GDP increased generally in Oman, with variation in contribution of economic activities in the GDP’s composition.