Oman GDP surges to cross RO 33 Billion by December 2021

On Mar 24, 2022

According to the latest data released by the National Centre for Statistics and Information (NCSI), the Sultanate of Oman’s Gross Domestic Product (GDP) at the end of December 2021 increased by 16.1% to RO 33.016 billion, compared to RO 28.442 billion at the end of December 2020. The rise in value-added of oil activities at the end of December 2021 was attributed to a 38.5% increase, to RO 10.547 billion, compared to RO 7.617 billion at the end of December 2020. At the end of December 2021, crude oil accounted for the largest share of revenue, with RO 8.998 billion, representing a growth of 46.6% compared to the end of December 2020, when crude oil earned RO 6.139 billion.

Natural gas activities increased by 4.8% to RO 2.549 billion from RO 1.478 billion at the end of December 2020. The total non-oil activities at the end of December 2021 amounted to RO 24.044 billion, comprising an increase of 8.4% compared to the end of December 2020 when non-oil activities recorded RO 22.178 billion. The service sector led non-oil activities, recording RO 16.571 billion, a growth of 6.5% compared to the end of December 2020, when it recorded RO 15.563 billion. Communications activity decreased by 7% at the end of December 2021. Public management and defense activities also decreased by 2.1%.

Several other activities recorded an increase, namely transport and warehousing by 19.4%, wholesale and retail trade by 15.5%, real estate, professional, technical and administrative by 9.5%, other service activities by 6.6% and financial and insurance activities by 5.5%, as well as accommodation and food services by 5.5%. At the end of December 2021, the value of industrial activities amounted to RO 6.687 billion, an increase of 13.6% over the end of December 2020 when it stood at RO 5.885 billion. Chemical industries recorded the greatest increase in industrial activities by 79.5%, while other manufacturing industries went up by 19.9%, mining and quarrying increased by 4.3%, and construction declined by 6.8%.