DECLINE IN OIL PRICES
The Council also reviewed a report on the performance of the economy, in addition to local and global economic situation, including investments of government companies and GDP indicators. It said that the GDP exceeded RO 30 billion at current prices by the end of 2018 despite decline in oil prices. This is attributed to the policies adopted by the government during the first four years of the plan, including economic diversification (Tanfeedh programme), government investments and private sector investments aimed at reducing dependence on oil revenues to finance various development projects.
The report pointed out that the gross domestic product grew at the rate of 12 per cent at current prices at the end of the last quarter of 2018. The growth rate of non-oil activities reached 2.9 per cent, indicating that the GDP continued to achieve good growth rates driven by increase in total oil activities, including crude oil and natural gas, in spite of a slight rise in inflation. Non-oil exports increased by 34 per cent at the end of November 2018, the report added.
During the meeting, the Council reviewed the follow-up report on major strategic economic projects under implementation in various governorates, especially in the economic zones, free zones, industrial zones and ports, in addition to various social projects, especially related to health sector and urban planning, including controls to increase the maximum limits of commercial residential buildings and other important topics.
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