21 April 2020
MUSCAT (WAF)- Oman’s Gross Domestic Product (GDP) at current prices fell by 16.2% in 2020 compared to 2019, data by the National Centre for Statistics and Information (NCSI) shows.
According to Oman’s NCSI, the country’s GDP amounted to 24.8 billion Omani Rials in 2020, losing approximately 5 billion Omani Rials from 2019’s figure of 29.6 billion.
The primary sector contributing to the GDP, the Oil and Gas sector, has seen a decline of 23.4% in 2020 to RO7.7 billion. The manufacturing sector contribution stood at RO2 billion compared to RO3 billion in 2019, and manufacturing activities related to the petrochemical industry dropped by 40.5% to RO975 million on an annual basis. And the construction sector’s contribution amounted to RO1.5 billion compared to RO1.8 billion in 2019. These four branches constituted 49% of Oman’s GDP in 2020, down from 56% in 2019.
Other key sectors targeted in Oman’s current five-year diversification plan, such as agriculture & fishing and mining, saw an increase of 8.8% and 3.2%, respectively. Agriculture & fishing constituted 3% of the GDP with RO751.7 million. Mining and related quarrying activities participation to the GDP was 0.5%, with RO129.5 million in 2020.