(MENAFN- Muscat Daily) The sultanate's gross domestic product (GDP) grew 5.2 per cent in 2014 at current prices to RO23.62bn up from RO22.45bn in the previous year. GDP at product prices rose by five per cent to hit RO24.49bn last year against RO23.33bn in 2013.
According to GDP numbers released by the National Centre for Statistics and Information (NCSI) activity in the hydrocarbon sector grew by 1.4 per cent to reach RO11.41bn in 2014 compared with RO11.26bn in 2013. Crude oil's share last year stood at RO10.67bn posting a growth of two per cent year-on-year while natural gas activity declined by 6.8 per cent to RO746mn from RO800.7mn in 2013.
Non-oil activity recorded a robust growth of 8.2 per cent to RO13.55bn.
Among the non-oil sectors services activity topped the list at RO10.03bn growing 12.6 per cent from RO8.9bn in 2013.
Within the services sector wholesale and retail grew by 2.2 per cent hotels by 8.5 per cent and transport warehousing and communications by seven per cent while financial brokerage real estate and retail and other commercial projects and public administration and defence posted gains of 10.9 per cent 6.3 per cent and 14.2 per cent respectively.
Industrial activity on the other hand declined 3.5 per cent to RO3.2bn compared with 2013 when the sector recorded an output of RO3.33bn.
Among the industries basic chemicals topped the list of decliners with a 14.9 per cent drop followed by an 8.6 per cent decline in manufacturing. The mining quarries electricity and water sectors recorded 8.4 per cent growth each followed by other manufacturing industries (2.7 per cent) and construction (2.5 per cent).
The agriculture and fisheries sector grew by 9.2 per cent in 2014 to RO311.6mn compared with RO285.5mn in the previous year.
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