Good News for Oman Businesses
Oman’s Oil Making an Impact
Oman’s oil is being very positive for the Sultanate. Due to a huge increase in oil revenues, the Sultanate’s fiscal surplus has reached 8.2 percent of 2011’s GDP. According to the International Monetary Fund, Oman’s projected GDP growth was 5.5 percent and 6.4 percent in non-hydrocarbon GDP.
There has also been an acceleration of economic activities in Oman which is significantly helping the economy. This trend looks set to continue in the New Year. In addition, Oman’s economy hasn’t been so impacted by problems in the international financial markets as well as the European crisis. It seems that banks in Oman have not felt the regional unrest that is causing issues in general for other economies in Europe. Close to 80 percent of Oman’s oil exports go to Asia limiting the impact of Europe’s crisis. Let’s hope things continue in this way for Oman and the Sultanate.