AlwaysFree: Oman’s Oil Activities Increase 73.6%

• The NCSI report showed growth in commodity exports

According to Zawya article published on January 31, 2023, the value added of oil activities in the Sultanate Oman at the end of Q3 2022 reached RO 12.5 billion, compared to RO 7.2 billion at the end of Q3 2021, registering an increase of 73.6 per cent. The growth is attributed to the rise of value added of oil activities by 79 per cent, reaching RO 10.9 billion, compared to RO 6.1 billion at the end of Q3 2021. The value added of natural gas increased by about 36.7 per cent by the end of Q3 2022, compared to the same period in 2021, according to the latest data issued by the National Centre of Statistics and Information (NCSI).

The total value added of non-oil activities at the end of Q3 2022 reached RO 20.8 billion, a rise of 14.9 per cent compared to the same period in 2021. The increase is led by surge in value added of industrial activities (28.6 per cent), followed by agriculture, forestry and fishing (12.4 per cent) and service activities (9.7 per cent).

On the other hand, the surplus in the trade balance at the end of Q3 2022 reached RO 7.8 billion, an increase of RO 4.9 billion, compared to the same period in 2021. This is due to the increase in the value of exports. Merchandise imports at the end of Q3 2022 reached RO 19.1 billion, an increase of 61 per cent, compared to RO 11.9 billion in the same period in 2021. The value of merchandise imports reached RO 11.3 billion, an increase of 26.6 per cent, compared to RO 8.9 billion in the same period in 2021. However, value of re-exports decreased by 4.5 per cent by the end of Q3 2022, to reach RO 972.6 million.

The NCSI report showed growth in commodity exports, led by the surge in value of oil exports by 76.1 per cent. The value of non-oil exports also increased by 50.1 per cent compared to the same period in 2021.

Meanwhile, Oman’s total domestic liquidity (M2) at the end of Q3 2022 reached RO 20.7 billion, an increase of 3.8 per cent compared to the end of Q3 2021. The money supply (M1) reached RO 5.8 billion, an increase of 1.8 per cent at the end of Q3 2022 compared to the same period in 2021.

The total value of private sector deposits reached RO 17.3 billion, an increase of 0.3 per cent at the end of Q3 2022, compared to RO 17.2 billion at the end of Q3 2021. The purchasing power of the Omani riyal increased by 12.6 per cent at the end of Q3 2022, as the real exchange rate index scored about 118.2 points, compared to 105.0 points at the end of the same quarter of 2021.

The total value of loans and financing granted through commercial banks and Islamic windows increased by 3.9 per cent at the end of Q3 2022, to reach RO 28.8 billion, compared to RO 27.7 billion at the end of Q3 2021. The total value of personal loans reach RO 8.9 billion, an increase of 2.4 per cent, while the average interest rate on total loans reached 5.4 per cent at the end of Q3 2022, down by 1.4 per cent from the same period in 2021.

Tags: AlwaysFree,Crude Oil,English,Gas,Middle East