Oman expects economy to grow by 3% in 2019
Oman’s economy is expected to grow by a minimum three per cent in 2019, according to the 2019 budget statement issued by the Ministry of Finance.
‘It is expected that the growth of the gross domestic product (GDP) will continue to improve over 2019, to at least at three per cent in real terms, supported by the growth of oil and non-hydrocarbon activities’, the budget statement said.
Despite the challenges faced by the national economy during the first three years of the ninth five-year plan, the national economy registered positive growth rate, which is expected to range between two-three per cent by the end of the plan, according to the statement.
The sultanate’s budget projects Oman’s domestic inflation rate to average between two per cent and three per cent in 2018 and 2019, respectively.
‘The 2019 budget framework aims at achieving a set of objectives and priorities, notably fiscal sustainability so as to enable the national economy in achieving economic growth targets, a diversified economy, and targeted rates of domestic and foreign investments’, it said.
Furthermore, the 2019 budget continues to stimulate national economy through maintaining the level of investment expenditures and supporting economic diversification by expanding private sector participation.