Oman’s revenues jump by 22.6%

Muscat: Public revenues earned by the Sultanate of Oman increased by 22.6 percent to reach OMR7.4 billion from OMR6 billion, during the 12 months from the third quarter of 2020 to the third quarter of 2021.

Data released by the National Centre for Statistics and Information (NCSI) showed that during this period, public expenditure shrank by 0.7 percent to reach OMR8.4bn. Furthermore, the figures showed that the state budget recorded a deficit of OMR1bn, which amounted to 4.2 percent of GDP at current prices.

Oman’s GDP rises
The value of Oman’s GDP rose 12.7 percent to reach OMR24.2bn, up from OMR21.5bn during the 12-month period. This was largely due to a jump in oil prices, which rose from $47.2 to $60.9 per barrel.

As a consequence, the added value of oil activities increased by OMR1.5 billion to reach OMR7.4 billion by the end of the third quarter of 2021. Crude oil values also increased by 33.2 percent to touch OMR6.3 billion. However, the value of natural gas decreased by 1.9 percent.

An increase in non-oil activity was also recorded: The total value of non-oil activities rose by 7.8 percent to reach OMR 17.7bn. The value of industrial activities rose 9.1 percent, owing to a 25.8 percent increase in the value of manufacturing industries (25.8 percent), mining and quarrying (6.2 percent) and electricity, water and sanitation activities (six percent). Increases were also seen in the service sector (7.5 percent) and agriculture and fisheries (4.8 percent).

Oman also recorded a surplus when it came to foreign trade balance, jumping by OMR410.7mn to reach OMR 3.2bn, owing to a large increase of 41.4 percent in the value of merchandise exports. Oman sold about OMR12.2bn worth of merchandise by the third quarter of 2021, as opposed to OMR 8.6bn at the end of the third quarter of 2020. Merchandise imports also rose by 54.3 percent to reach OMR 9bn.

Re-export figures were also on the up, amounting to OMR1bn, following an 11.6 percent increase.

Remarkably, the exports of plastics, rubber and allied products skyrocketed a whopping 382 percent to become the non-oil product that saw the highest increase in exports during the above time frame.

Non-oil export values rose 94 percent, while oil exports jumped 31.6 percent in value.

Oman also increased its mineral imports by 263 percent, with 63.2 percent of all merchandise imports coming into the country through seaports.

Money supply
Looking at monetary indicators, Oman’s total domestic liquidity rose 3.5 percent to register a total of OMR20bn, while money supply rose by 0.5 percent to rise to OMR5.74bn. The total value of private sector deposits rose to OMR17.2bn, a 5.1 percent increase from the OMR16.4bn at the end of the third quarter of 2020. The purchasing power of the Omani Rial also rose by about one percent to touch 105 points.

The total value of loans and financing granted through commercial banks and Islamic financing increased 4.9 percent to reach OMR27.7bn, compared to OMR26.4bn. Personal loans also increased 2.1 percent to reach OMR8.7bn, while the average interest rates dipped 0.1 percent to reach 5.5 percent.

The total value of foreign assets of the Central Bank of Oman increased by 8.5 percent, compared to the end of the third quarter of 2020.