MUSCAT: National Centre for Statistics and Information (NCSI) released a report which showed Oman’s gross domestic product (GDP) grew by 5.2 percent to touch OMR23.619 billion, against OMR22.451 billion in the previous year.
The NCSI statistics showed that oil activities grew by 1.4 per cent to touch OMR11.414 billion from OMR 11.259 billion in the previous year.
The crude oil constituted OMR10.668 billion in oil activities, showing a growth of 2 per cent over 2013 level of OMR10.458 billion. However, natural gas activities declined by 6.8 per cent in 2014 at OMR746 million compared to OMR800.7 million in the previous year.
The non-oil activities recorded OMR13.553 billion; an 8.2 per cent growth compared to 2013, which was OMR12.521 billion.
The service activities topped the list of the non-oil activities recording OMR 10.032 billion last year; a growth of 12.6 per cent compared to the previous year’s level of OMR8.907 billion.
Different sub-segments of the service sector also recorded growth. For instance wholesale and retail grew by 2.2 per cent, hotel by 8.5 per cent, transport, warehousing and communications by 7 per cent, financial brokerage by 10.9 per cent, real estate and retail and other commercial projects by 6.3 per cent, public administration and defence by 14.2 per cent. The other services recorded growth by 33.8 per cent.
The industrial activities in 2014 recorded OMR3.210 billion; a decline by 3.5 per cent compared to 2013, which was OMR3.328 billion.
Basic chemicals sectors topped the list of sectors that declined with a fall of 14.9 per cent compared to 2013, which is followed by manufacturing at 8.6 per cent.
The mining, quarries, electricity and water sectors recorded growth rates of 8.4 per cent each, followed by other manufacturing industries at 2.7 per cent and construction at 2.5 per cent.
The agriculture and fisheries related activities witnessed a growth of 9.2 per cent in 2014 to touch OMR311.60 million over 2013, which was OMR 285.50 million.
The GDP at product price increased by 5 per cent in 2014 to hit OMR24.495 billion, compared to the previous year’s level of OMR23.333 billion.
