The Impact of the Global Crisis on Oman
21.07.2009
The Sultanate of Oman’s economy registered a high decline in nominal GDP in Q1 2009 at -19.8% year on year. This has largely been the result of a record contraction of petroleum value
added, which was all about the decline in the price of Oman oil as production continued to grow 4.9% in Q1 2009 year on year. Non petroleum value addition to the economy remained
in positive growth at 3.2% year on year.
Oman (1) -- Analyses -- 2009
Export demand declines
21.07.2009
An examination of the sectoral performance in Q1 2009 shows
the sectors with a strong export orientation contracted whilst the
sectors driven by domestic demand continued to grow, albeit
at a slower pace. Export demand has contracted severely as
a result of the global economic downturn. Trade data for Q4
2008 show that export growth came to a halt registering
just 2.1% year on year growth after 121.2% and 80.3% growth in
Q2 and Q3 2008. It was the fall in demand from Asia and Europe
that brought overall export growth to a halt.
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