Finance to be a bright spot for Omani economy: OBG

Source: OBG.

Oman’s GDP grew 4.6% between 2013 and 2014 according to the Oman Central Bank, with hydrocarbons the main driver of the economy at almost 50% of GDP, says the Oxford Business Group (OBG) in an online introduction to The Rerport: Oman 2016.

Although the dip in oil prices has put pressure on government revenues, authorities are pressing ahead with spending plans for the sector, particularly in the downstream segment. The country’s infrastructure expansion plans are also moving forward, particularly at the country’s three ports as the country seeks to leverage its strategic position on the Strait of Hormuz and establish itself as a global transport and logistics hub, the OBG adds.

Finance is regarded as one of the most promising areas for lending growth. In the longer term, Oman Vision 2020 seeks to boost private sector participation in the economy and fuel small and medium sized enterprise (SME) growth in key sectors, including construction, retail, tourism and transport, says the OBG.

Source: OBG infographic. The largest share of non-petroleum industry in Oman is from the manufacturing sector, though growth in recent years has been slow.

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