Mubasher: Oman’s gross domestic product (GDP) declined by 12.2% year-on-year in the first quarter of 2016, according to the Omani National Center for Statistical Information (NCSI).
Total GDP reached OMR 5.64 billion by the end of March compared to OMR 6.42 billion in the same period last year, reported Oman News Agency (ONA) on Saturday.
Oil activity declined 34% to OMR 1.55 billion from OMR 2.34 billion in Q1-15.
As for the non-oil activity, it also decreased by 2.4% in Q1-16, to OMR 4.3 billion compared to OMR 4.4 billion in Q1-15, according to ONA.
The Omani economy recorded a 4% annual growth during the eighth five-year plan.
Oman was expected to achieve an annual economic growth rate of 6%, but the retreat in oil prices led to a shrinkage in economic growth.
