Oman posts 13% rise in nominal GDP

According to official figures by the Omani government, the sultanate's nominal gross domestic product (GDP), or GDP measured at current market prices, grew by 13.1% during the first nine months of 2012, on the back of higher oil prices and increased domestic demand, Muscat Daily has reported. The country's nominal GDP reached OR22bn in the first nine months of 2012, compared with OR19.47bn recorded in the same period of 2011. Oil and gas sector activities grew by 11.2% to OR11.49bn in the nine months period against the same period in the previous year, mainly due to the higher oil prices in 2012 as compared in 2011. Services sector activities, the second biggest contributor to the Omani economy, witnessed a 16.3% growth to reach OR8.14bn from OR7bn in the same period in 2011.