Oman’s GDP tops RO30bn
The Supreme Council for Planning (SCP) on Wednesday discussed several issues concerning the country’s economy, public and private investments, and key economic projects.
The second meeting of the SCP was held under H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry and the Deputy Chairman, in the presence of other SCP members. It was discussed that Oman’s GDP crossed RO30bn at current prices by the end of 2018, despite the decline in oil prices.
The meeting reviewed the procedures of the SCP General Secretariat as part of the tenth five-year plan (2021-25) which will be the first executive plan of the Oman 2040 Vision. In addition, the key sectors of the ninth five-year plan (2016-20), major strategic projects, other development projects, how to address challenges facing some of the projects and finance plans available were discussed too in the meeting.
The SCP reviewed Oman’s Economic Performance Report, the local and global economic situation, including government companies’ investments and the gross domestic product (GDP) indicators. This was due to the prudent fiscal policies adopted by the government during the first four years of the plan, economic diversification projects (Tanfeedh), and public and private sector investments to reduce dependence on oil revenues.
The report pointed out that the GDP at the end of the last quarter of 2018 grew at a rate of 12 per cent at current prices.
The growth rate of non-oil activities was 2.9 per cent while the GDP continued to achieve good growth rates, driven by the rise in total oil activities, including the activities of crude oil and natural gas sector. The report also pointed to the rise in non-oil exports during the last interval, which grew by 34 per cent at the end of November 2018.
The SCP also reviewed the Great Strategic Financial Projects Follow-up Report under progress in the different governorates of the country particularly in the economic, free and industrial zones and ports.
The deputy chairman and members discussed the various social projects and schemes particularly those related to the health sector. The SCP reviewed the topic relevant to the urban planning, including the controls to increase the maximum limits of commercial and residential buildings’ heights in addition to other topics on the agenda.