The total value added of non-oil activities at the end of 2018 amounted to RO 20.8 billion, recording a contribution of 67.7% to the Sultanate's GDP, according to data from the (NCSI).According to data included in "Economic Outlook of the Sultanate" report for Q4, 2018, The value added of agriculture and fisheries increased by 8.1%, the value added of service activities increased by 2.3%, and those of industrial activities by 1.5% at the end of 2018 compared to the previous year.
The value added of oil activities was RO 10.8 billion at the end of 2018 compared to RO 7.9 billion in the previous year. Meanwhile, the increase in the value added of crude oil contributed to the increase in the value added of oil activities by about 39% to reach to RO 9.2 billion at the end of 2018, while the value added of natural gas increased by about 24.3% to reach to RO 1.6 billion compared to RO 1.3 billion at the end of previous year. Gross domestic product (GDP) at current prices grew by 12.3% at the end of 2018 from RO 27.2 billion at the end of previous year to RO 30.5 billion at the end of 2018.This increase is attributed to the increase in the average oil price from $51.3 per barrel in the fourth quarter of 2017, to about $69.7 per barrel in the fourth quarter of 2018.
As for the public finance in the Sultanate at the end of 2018, the value of the deficit recorded a decrease of 29.5% to reach RO 2.6 billion compared to about RO3.8 billion in the previous year. Total revenues increased by 28.6% to reach RO 10.9 billion at the end of 2018 compared to RO 8.5 billion at the end of previous year. Also, total public expenditure increased by 10.8% to RO 13.6 billion during the same period. In the foreign trade indicators, the report indicates that the surplus in the trade balance at the end of 2018 increased by RO 3.7 billion compared to the previous year to reach about RO 5.7 billion. the increase in the trade balance is attributed to the increase in the value of merchandise exports by 26.9% to reach RO 16.1 billion.The value of merchandise imports at the end of 2018 decreased by 2.6% to reach RO 10.3 billion compared to RO 10.6 billion in the previous year.
In the monetary position indicators, total domestic liquidity (M2) increased at the end of 2018 by 8.3% to reach about RO 17.4 billion compared to about RO 16.1 billion in the previous year. on the other hand, narrow money supply (M1) decreased by 15.1 million to reach RO 4.9 billion. Total private sector deposits rose by 2.6% at the end of 2018 to record about RO 14.3 billion compared to RO 13.9 billion in the previous year. The total value of loans and financing granted through commercial banks and Islamic windows increased by 6.4% at the end of 2018 to reach RO 25.1 billion compared to RO 23.6 billion at the end of 2017.
Total personal loans increased by 2.4% to reach RO 8.4 billion. The average interest rate on total credit was 5.3% compared to 5% at the end of the previous year. The total value of foreign assets in the Central Bank of Oman increased by 8.1% and recorded about RO 6.7 billion compared to about RO 6.2 billion at the end of the previous year. The purchasing power of the Omani Rial at the end of 2018 increased by 4.4% as the real exchange rate index recorded 104.6 points compared to 100.2 points at the end of the the previous year.
The full report on the economic situation in the Sultanate for the fourth quarter of 2018 is available on the website of the National Centre for Statistics and Information www.ncsi.gov.om.