Oman’s trade balance registers RO 5.6bn surplus by 3rd Quarter 2023

OMR
OMR

Muscat: An analysis of the economic situation in the Sultanate of Oman by the end of the third quarter of 2023, issued by the National Center for Statistics and Information, showed an increase in the total value added by non-oil activities in the Sultanate of Oman by 1.9 percent compared to the end of the same quarter of the previous year, recording RO 21.8 billion.

The 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.

Service activities led the increase in the value added to non-oil activities at the end of the third quarter of 2023, as they recorded a growth of 9.7 percent compared to the end of the same quarter of the previous year, in contrast to a decrease in the added value of agriculture, forestry, and fishing by 0.2 percent, and a decrease in the value added of industrial activities by 16 percent as a result of a decrease in the value added of manufacturing industries by 26.3 percent and construction by about 6.8 percent.

The added value of petroleum activities decreased by the end of the third quarter of 2023 by about 1.9 billion Omani riyals compared to the end of the same quarter of the previous year, reaching 10.6 billion Omani riyals, as the added value of crude oil decreased by 17.4 percent, recording 9 billion Omani riyals, and the added value of natural gas decreased by 1.7 percent. Registered at 1.5 billion Omani riyals.

The total value of the surplus in the trade balance at the end of the third quarter of 2023 was about RO 5.6 billion, a decrease of about RO 2.3 billion compared to the end of the same quarter of the previous year.

The value of merchandise exports decreased by 13.6 percent, recording about 16.6 billion Omani riyals, and the value of imports also decreased. Merchandise rose by 2.7 percent, recording about 11 billion Omani riyals.

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 the previous year, as the real exchange rate recorded about 117.4 points. Total domestic liquidity (M2) also increased by 4.5 percent compared to the end of the same quarter of the previous year to reach 21.7 billion Omani riyals, and the total value of loans and financing granted through commercial banks and Islamic windows reached 30.4 billion Omani riyals, an increase of 5.7 percent compared to the end of the same quarter of the year. Previously, the total value of private sector deposits increased by about 6.3 percent.

The total value of personal loans amounted to 9.4 billion Omani riyals, and the average interest rate on total loans reached 5.5 percent, an increase of about 0.7 percent compared to the end of the same quarter of the previous year, while the ratio of total loans to deposits reached 109.3 percent.

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