Muscat, 14 Nov (ONA) — The nominal GDP, as per the preliminary data released by National Centre for Statistics and Information (NCSI), showed an increase of 10.1 percent over the first half of 2021 over the same period of 2020.
The expansion was driven by increase in output of the hydrocarbon sector by 8.7 percent and non-hydrocarbon sector by 11.1 percent. The Omani oil average price during Jan-Sept 2021 at $60.9 per barrel was higher by 45.1 percent than that in Jan-Sept 2020.
The average daily oil production at 961.3 thousand barrels during Jan-Sept 2021 increased by 0.9 percent. Oman’s average Consumer Price Index (CPI) showed a y-o-y inflation of 0.9 percent during the period Jan-Sept 2021.
The other depository corporations (ODCs) consist of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 4.9 percent to RO 27.7 billion at the end of September 2021, while credit to the private sector demonstrated moderate increase of 2.6 percent (Y-o-Y) to reach RO 23.4 billion.
The non-financial corporate sector received the highest share of the total private sector credit, over 46.4 percent, followed by household sector accounted for 45.2, at end-September 2021. The share of financial corporations was 4.9 percent and other sectors received the remaining 3.5 percent of the total private sector credit as at end- September 2021.
Total deposits held with ODCs registered a Y-o-Y growth of 2.7 percent to reach RO 25.0 billion at the end of September 2021. Total private sector deposits increased by 5.2 percent to RO 17.2 billion. In terms of sector-wise composition of private sector deposits, the biggest share goes to household deposits at 51.5 percent, followed by non-financial corporations at 32.4 percent, financial corporations at 13.7 percent and the other sectors at 2.4 percent.