(MENAFN) The Sultanate of Oman is forecast to record an economic growth of 4.62 percent this year, in spite of the decline in crude oil prices, according to a report issued by the Central Bank of Oman, Times of Oman reported.
Nonetheless, Oman's Ministry of Finance's has previously expected an economic growth of 5 percent for this year. The spurt is attributable to the growth in non-hydrocarbon sector and the increasing government spending.
"Despite continued fall in oil prices creating pressures on the fiscal space, growth outlook through public investment has not looked back. There is a temporary set-back, though," the apex bank said in a statement.
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