MUSCAT: Oman’s Gross Domestic Product (GDP) increased 4.6 percent at the end of December 2014, standing at OMR31.45 billion, compared to OMR30.06 billion in 2013, Government data released on Sunday revealed.
According to figures issued by the National Centre for Statistics and Information (NCSI), 2014 saw a 2.4 percent dip in petroleum production, reaching OMR14.84 billion, as against OMR15.20 billion a year earlier.
Crude oil contributed OMR13.78 billion, with a 1.9 percent decrease, compared to OMR14.04 billion in 2013.
Natural gas, on the other hand, posted a decline of 8.5 percent in 2014, to OMR1.06 billion, as against OMR1.15 billion in 2013.
Commenting on the growth, an economist from an investment advisory firm in Muscat said that, considering the current economic scenario of Oman, the GDP will grow 2.6 percent this year while in 2016, the economy will expand by 3 percent.
“The Ministry of Finance is certainly looking for ways to minimise potential shortfalls and is considering tax hikes and levies on large industrial companies. The ministry is also planning to cover the fiscal deficit,” said Dr Anchan C. K., managing director at World Wide Business House, an international business advisory firm.
“The government intends to leverage its strategic location and boost its standing as a regional logistics hub, through investments in large infrastructure projects.
However, falling oil revenues, which represent about 80 per cent of the government’s budget, will inevitably put a damper on spending this year,” Anchan said, adding that economic reforms aimed at market access for goods and capital are needed to make Oman a preferred destination for investment and business.
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