[Oman-L] Oman's economy to grow 2.5 percent in 2009

[Joachim Duester]

Oman's economy to grow 2.5 percent in 2009   
Source: Reuters, 22 October 2009

Oman's economy will grow by 2.5 percent in 2009 on better performance of various sectors, the country's economy ministry website quoted a senior official as saying on Wednesday.

The global economic crisis slashed income for Gulf Arab oil producing nations, sending the key regional economies, such as Saudi Arabia and UAE, into downturn this year.

Oman was less hit because as a non-OPEC member it did not have to join oil output cuts required by the organization.

The undersecretary of the ministry of national economy said he expected the economy to exceed the planned growth of 1 percent this year on better performance of various sectors but did not give details.

The International Monetary Fund said earlier this month it expected Oman’s real gross domestic product (GDP) to grow 4.1 percent this year after a 7.8 percent expansion in 2008. GDP growth should slow further to 3.8 percent next year, it said.

Oman’s inflation rose for the first time this year to 1.89 percent in August due to a sharp rise in food prices and property rent, the Ministry of National Economy data showed earlier.