MUSCAT: According to preliminary data on national accounts, the Sultanate’s Gross Domestic Product (GDP) at current prices increased by 5.2 per cent during the three quarters from January to September, of 2014 as compared to a growth of 2.6 per cent registered over the same period in 2013.
While nominal GDP emanating from the hydrocarbon sector registered a marginal increase of 1.4 per cent that from non-hydrocarbon activities witnessed a growth of 8.2 per cent from January to September, 2014.
The bulletin released by the Central Bank of Oman (CBO) pointed out that the balance of payments remained comfortable with both current account and overall position in surplus. The annual inflation rate measured by movement of the average CPI for the Sultanate stood at 0.56 per cent in January and February 2015 over the same period in 2014. The total assets of commercial banks increased by 11.1 per cent, from OMR23.2 billion a year ago to OMR25.8 billion in February 2015.
Of the total assets, credit disbursement accounted for 67 per cent and increased by 11.4 per cent at the end of February 2015 to OMR17.1 billion.
Credit to the private sector increased by 11.2 per cent during the period to reach OMR14.8 billion at the end of February 2015.
Of the total credit to the private sector by the end of February 2015, the share of the non-financial corporate sector stood at 47.5 per cent, closely followed by the household sector (mainly under personal loans) at 45.5 per cent, financial corporations at 4.8 per cent and other sectors the remaining 2.1 per cent.
Overall investments of commercial banks in securities increased by 10.5 per cent to OMR3 billion at the end of February 2015, from OMR2.7 billion a year ago. Of total investments, CBO CDs stood at OMR1.4 billion while investment in government development bonds (GDBs) stood at OMR669.3 million at the end of February 2015.
Investments in foreign securities by commercial banks increased 12 per cent to OMR605.9 million in February 2015.
Aggregate deposits held with commercial banks registered a significant increase of 6.7 per cent to OMR17.6 billion in February 2015 as compared to OMR16.5 billion in the same period of 2014.
Government deposits in commercial banks increased six per cent to OMR5 billion. Deposits of public enterprises declined 11.5 per cent to OMR1 billion during the same period. Private sector deposits, which constituted 65 per cent of total deposits with commercial banks, increased 9.5 per cent to OMR11.4 billion in February 2015 from OMR10.4 billion a year ago.
Sector-wise, the share of households was 49.3 per cent of the total private sector deposit base, followed by non-financial corporations at 28.7 per cent, financial corporations at 19.7 per cent with other sectors at 2.3 per cent.
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