Recent reports publicized in Oman have revealed a growth of 11.8% over the past three quarters. During the first quarter of this year, the country saw a 15.3% increase in economy as a result of strong oil prices, while inflation dwindled towards the lower end of the Central Bank’s prediction.
“This is a good performance given the unrest in the first quarter, although much of the nominal growth could be accounted for by higher oil prices,” said Liz Martins of HSBC. “The key will be whether this feeds through to job creation, particularly among Omani nationals.”
Following some major jumps in GDP, protests have encouraged Sultan Qaboos bin Said to pledge $2.6 billion in spending in April, as well as to create 50,000 new jobs.
An official from Central Bank recently predicted a 5% increase in Oman’s economy, and the Internatinal Monetary Fund calculated that Oman’s real GDP did in fact rise above 4.2%.