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Oman GDP grows 8.3pc in 2012: minister

Muscat, January 2, 2013

Oman's gross domestic product, adjusted for inflation, grew an estimated 8.3 per cent last year, faster than the government's target of 7 per cent, Finance Minister Darwish al-Balushi said on Wednesday.

Balushi, speaking at a news conference on the 2013 budget, said heavy government spending had boosted growth.

The rate was considerably higher than most economists had predicted; the International Monetary Fund, for example, forecast in October that Oman would grow 5.0 per cent in 2012.

Oman does not regularly release real GDP data. In 2011 its economy grew an estimated 5.4 per cent, according to the IMF. – Reuters




Tags: Oman | Muscat | GDP | IMF | 2012 |

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