https://arab.news/rq84s
- The Omani economy contracted in the first quarter, affected by the negative performance of the oil sector
RIYADH: Oman's non-oil economy increased by 5.7 percent during the first quarter of this year 2021, amounting to 5.7 billion Omani riyals ($14.8 billion), Asharq reported citing an official statement issued today.
Oil activities contracted by 20.6 percent, reaching 1.9 billion Omani riyals, and the total natural gas activities decreased by 10.4 percent to reach 320.8 million Omani riyals.
The Omani economy contracted in the first quarter, affected by the negative performance of the oil sector.
The Sultanate's GDP recorded a contraction of 2.5 percent at the end of the first quarter of 2021 at current prices, amounting to 7.389 billion Omani riyals, according to statistics issued by the National Center for Statistics & Information.
Oman has updated the methodology used in preparing and estimating the GDP in line with international practices, according to the statement.
The Sultanate adopted the United Nations System of National Accounts for the year 2008, the International Standard Industrial Classification of All Economic Activities (ISIC4), and the base year was changed from 2010 to 2018.