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Manufacturing sector seen driving economic diversification: Ministry

30 Dec 2020

Oman’s manufacturing sector is a key contributor to economic diversification, according to the Ministry of Economy.

In a statement, the ministry said, ‘The manufacturing industries sector was among the main contributors to economic diversification in the ninth Five-Year Plan (2016-2020) with a 10.8 per cent contribution to the GDP.’ 

During the ninth Five-Year Plan, the national economy was able to record a growth of 2.3 per cent in non-oil activities. The industrial sector also grew from ten per cent in 2016 to 10.8 per cent in 2020, while tourism grew from 2.5 per cent to 3.3 per cent. The mining sector grew from 4.3 to 5 per cent, while there was a 6.4 to 6.8 per cent growth in logistics and 0.6 to 1.3 per cent in fisheries. In the last two decades (1998-2019), the national economy recorded a growth of 3.2 per cent despite frequent external shocks in global energy markets and global financial crises, the ministry stated. 

Official data indicate that the size of the economy has grown about 254 times from RO115.4mn in 1970 to RO29.34bn in 2019. In the same period, the average per capita income grew 42 times, rising from RO153.9 in 1970 to RO6,355.6 in 2019.

 

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