The value added of non-oil activities at the end of the third quarter of 2018 has reached OMR15.3 billion, contributing to the Gross Domestic Product (GDP) by 67%, according to the data recently released by the National Centre for Statistics and Information (NCSI).

As per the data of the Quarterly Analysis of the Economic Situation of the Sultanate of Oman, the value added of agriculture and fisheries sector increased by 7% by the end of the third quarter of 2018, the value added of service activities rose by 4.1%, and those of industrial activities increased by 1.2% compared to the same period of 2017.  The value added of oil activities at the end of the third quarter of 2018 was recorded at OMR8.5 billion, compared to OMR5.8 billion during the same period of 2017. The increase in the value added of crude oil contributed 36.2%, reaching OMR 6.6 billion, to the increase in value added of oil activities. At the same time, the value added of natural gas at the end of third quarter of 2018 increased by 99.3% to reach OMR1.9 billion, compared to OMR1 billion at the end of the third quarter of 2017. In general, the GDP at current prices has increased by 15.3%, from OMR20 billion at the end of the third quarter of 2017 to OMR23 billion at the end of the third quarter of 2018. This increase is due to the rise in average of oil price from US$50.6 per barrel at the end of third quarter of 2017 to about $67.2 per barrel at the end of the third quarter of 2018. Regarding the general budget of the country, the value of the deficit in the general budget of the Sultanate dipped by about 36.1% to reach OMR1.9 billion at the end of the third quarter of 2018 compared to about OMR3 billion by the end of the third quarter of 2017. Total revenues increased by 29.9% to reach OMR7.8 billion compared to OMR6 billion at the end of the third quarter of 2017,while the total public expenditure grew by 7.8% to reach OMR9.1 billion. With regard to the foreign trade indicators, the report indicates that the surplus in the trade balance at the end of the third quarter of 2018 has risen by OMR2.5 billion compared to the same period of the previous year to reach OMR4.4 billion. The surplus in the trade balance is due to the increase in the value of merchandise exports by about 30.9% to reach about OMR12 billion.

The value of merchandise imports at the end of the third quarter of 2018 increased by 4.5% to reach OMR7.6 billion, compared to OMR7.3 billion at the end of the third quarter of 2017. As for the cash position indicators, the total broad money supply (M2) has risen by 2.6% to reach OMR16.5 billion at the end of the third quarter of 2018 compared to OMR16.1 billion at the end of the third quarter of 2017. Narrow money supply (M1) increased by OMR40.4 million to reach about OMR5.1 billion.

Total private sector deposits increased by 2.2% at the end of the third quarter of 2018, reaching OMR14.1 billion compared to OMR13.8 billion at the end of the third quarter of 2017. In terms of the total value of loans and financing which are being provided through commercial banks and Islamic bank/windows , it has increased by 7.5% at the end of the third quarter of 2018, reaching OMR24.8 billion compared to OMR23 billion at the end of the third quarter of 2017. The total value of personal loans also increased by 2.4% to reach OMR8.4 billion, while the average of the interest rate on total credit has increased by 5.3% compared to 5% at the end of the third quarter of 2017.The total foreign assets in the Central Bank at the end of the third quarter of 2018 have decreased by 18.2% to reach OMR5.4 billion, compared to OMR6.6 billion at the end of the third quarter of 2017.

The Omani Rial purchasing power at the end of the third quarter of 2018 have raised by 3.2%, while the real exchange rate index records about 104.3 points compared to 101.1 points in the same period of the previous year. This economic analysis report of the Sultanate of Oman for the third quarter of 2018 can be obtained from the website of the National Centre for Statistics and Information www.ncsi.gov.om.