The Supreme Council for Planning (SCP) on Monday reviewed a report on performance of the Omani economy. The report pointed out that the economy maintained positive growth rates as the GDP grew by 6.5 per cent at current prices in the first quarter of 2018, driven by rise in oil activities. Crude oil activities increased by 1.1 per cent, while gas activities rose by 100 per cent. The SCP which met under the chairmanship of Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, SCP Deputy Chairman, said that the contribution of non-oil sectors grew by 2 per cent during the first quarter of this year. The manufacturing sector registered a growth of 17.8 per cent, while other industries recorded an increase by 22 per cent.
The mining and quarrying sector recorded a growth of 15 per cent. Basic chemicals industry sector grew by 14 per cent. The report also pointed out that agriculture and fishing sector grew by 7.6 per cent, while the construction sector fell by 12.6 per cent. The wholesale and retail trade sector grew by 6.5 per cent, while hotel and restaurant sector recorded a growth of 7.2 per cent. It also pointed out that transport, storage and communications sector rose by 6.9 per cent, whereas the real estate, leasing and business activities sector grew by 6.5 per cent. Other services fell by 3 per cent at current prices compared to the same period of 2017.
The SCP also reviewed the initial steps for the preparation of the Tenth Five-Year Development Plan (2021-2025), which is being developed, in cooperation with various government units. The tenth plan is considered the first development plan within the framework of the future vision (Oman 2040). The council also reviewed the achievements of strategic development projects within the five-year plan. Many vital projects in logistics, tourism and fisheries sectors have been completed. The council also discussed urban planning upon and took appropriate decisions.
The mining and quarrying sector recorded a growth of 15 per cent. Basic chemicals industry sector grew by 14 per cent. The report also pointed out that agriculture and fishing sector grew by 7.6 per cent, while the construction sector fell by 12.6 per cent. The wholesale and retail trade sector grew by 6.5 per cent, while hotel and restaurant sector recorded a growth of 7.2 per cent. It also pointed out that transport, storage and communications sector rose by 6.9 per cent, whereas the real estate, leasing and business activities sector grew by 6.5 per cent. Other services fell by 3 per cent at current prices compared to the same period of 2017.
The SCP also reviewed the initial steps for the preparation of the Tenth Five-Year Development Plan (2021-2025), which is being developed, in cooperation with various government units. The tenth plan is considered the first development plan within the framework of the future vision (Oman 2040). The council also reviewed the achievements of strategic development projects within the five-year plan. Many vital projects in logistics, tourism and fisheries sectors have been completed. The council also discussed urban planning upon and took appropriate decisions.
Source Link: www.omanobserver.om
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