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Oman's economy to grow 5 percent in 2015
(MENAFN) According to Oman's Ministry of Finance the sultanate's economy is expected to grow by five percent this year in comparison with an estimated 4.4 percent growth in gross domestic product (GDP) in 2014, Times of Oman reported.
"National economy is expected to continue growth at an acceptable rate, driven by the growth of non-oil activities and effective strength of domestic demand and high oil production," Oman's Ministry of Finance said in a statement.
The Ministry said that the growth rate in the non-oil sector is expected at 5.5 percent with the main areas of growth including the construction, electricity and water, trading, services and manufacturing industries, however, the ministry warned that there will be a substantial fall in oil revenue this year, which constitutes 79 percent of government income.
The Sultanate's inflation is also projected to decline to 2 percent in 2015, which is compared with 2.2 percent and 3.1 percent growth in inflation rate in 2014 and 2013, respectively, while the budget surplus is expected to decline to 2.9 percent of the country's gross domestic product (GDP).
"National economy is expected to continue growth at an acceptable rate, driven by the growth of non-oil activities and effective strength of domestic demand and high oil production," Oman's Ministry of Finance said in a statement.
The Ministry said that the growth rate in the non-oil sector is expected at 5.5 percent with the main areas of growth including the construction, electricity and water, trading, services and manufacturing industries, however, the ministry warned that there will be a substantial fall in oil revenue this year, which constitutes 79 percent of government income.
The Sultanate's inflation is also projected to decline to 2 percent in 2015, which is compared with 2.2 percent and 3.1 percent growth in inflation rate in 2014 and 2013, respectively, while the budget surplus is expected to decline to 2.9 percent of the country's gross domestic product (GDP).
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