(MENAFN) Oman's real gross domestic product (GDP) growth is projected at about 3.2 percent and 3.4 percent in 2015 and 2016, respectively, by global rating agency Standard & Poor's, Times of Oman reported.
The agency predicted that the Sultanate's GDP is set to be between USD75 billion and USD82 billion in 2015 and 2016, respectively. The agency lowered its ratings on Bahrain and Oman after the decline in oil prices.
"Bahrain and Saudi Arabia are on a negative outlook, while the rest of the region's sovereigns are on a stable outlook," said the rating agency in its report.
According to the report, most GCC economies depend on hydrocarbon revenues and are thus vulnerable to a sharp and sustained decline in oil prices, absent substantial offsetting financial buffers.
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