Mubasher: Oman’s nominal domestic product (GDP) declined by 11.1% year-on-year in the first half of 2016, according to Oman News Agency.
Lower nominal GDP is mainly attributed to a decline in the petroleum and non-petroleum sectors by 32.9% and 1.6% respectively.
Oman crude reached an average price of $38.3 per barrel (pb) during the period from January to September 2016, compared to $59.8 during the same period of 2015.
Average annual inflation was moderate at 1.04% in the first ten months of 2016, the agency added.
Total outstanding credit extended by all financial institutions, including Islamic banks, went up 10.2% year-on-year to reach OMR 21.9 billion by the end of October 2016.
Bank credit to the private sector rose 11.9% year-on-year to stand at OMR 19.7 billion as at 31 October 2016.
