OMR5.6bn trade surplus in third quarter of 2023

Muscat: The total value added by non-oil activities in the Sultanate of Oman increased by 1.9 percent to OMR21.8 billion at the end of the third quarter of 2023 compared to the corresponding period of 2022.

An analysis of the economic situation in Oman at the end of the third quarter of 2023 issued by the National Centre for Statistics and Information (NCSI) further showed that the service activities led the increase in non-oil activities recording a growth of 9.7 percent at the end of the third quarter of 2023 compared to the same period in 2022.

However, the added value of agriculture, forestry, and fishing decreased by 0.2 percent along with a decrease in value added of industrial activities by 16 percent, of manufacturing industries by 26.3 percent and construction by about 6.8 percent.

Despite these fluctuations, the NCSI report said that Oman’s petroleum sector witnessed a marginal downturn in its added value, with petroleum activities dipping by OMR1.9 billion to OMR10.6 billion at the end of the third quarter of 2023. Contributing to this decline, crude oil recorded a notable 17.4 percent decrease to OMR 9 billion, while natural gas saw a 1.7 percent drop to OMR1.5 billion.

The total value of surplus in trade balance at the end of the third quarter of 2023 was about OMR5.6 billion, a decrease of about OMR2.3 billion compared to the end of the same quarter of 2022. The value of merchandise exports decreased by 13.6 percent to reach about OMR16.6 billion.

Monetary indicators

In monetary indicators, the purchasing power of the Omani riyal decreased by 0.7 percent at the end of the third quarter of 2023 compared to the end of the same quarter of 2022.

Additionally, the total value of loans and financing via commercial banks and Islamic windows rose by 5.7 percent to OMR30.4 billion, with private sector deposits witnessing a notable 6.3 percent increase. The report further stated that the total value of personal loans amounted to OMR9.4 billion at an average interest rate of 5.5 percent.

The NCSI analysis tracks the current economic situation of the country in light of the financial policies taken by the Sultanate of Oman in order to reduce the impact of global economic fluctuations through a set of the most important economic indicators that constitute a reflection of the financial policies taken by the government. -ONA