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Oman economic growth to grow at slower pace, says central bank
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Mon July 20, 2009 11:39 am
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OMAN. The economy of Oman, the largest Gulf Arab oil producer that isn't a member of OPEC, will grow at a slower pace this year because of lower crude prices, the country’s central bank said in its annual report.

“The slump in oil prices since the last quarter of 2008 and weak international demand for goods will contribute to significant decline in Oman’s economic growth,” according to a report on the bank’s Web site. “Nevertheless, the real gross domestic product growth in Oman is likely to remain in the positive territory in 2009 due to sustained domestic demand and continued capital expenditure.”

The government expects oil production to run at a daily rate of 805,000 barrels this year, and calculated its budget on an average price of $45 a barrel, the report said.

Oman last year produced crude oil at a rate of 728,000 barrels a day, according to BP.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 9, 2010
UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.
date:Posted: February 8, 2010
INTERNATIONAL. Trying to achieve financial goals by pouring all of one's assets into emerging markets today, telecommunications tomorrow, and Japanese small-cap stocks next week is not a guarantee for achieving a sound financial plan.
date:Posted: February 8, 2010
INTERNATIONAL. The latest survey shows 46% of respondents expect their business travel to increase, marking a rise by 22 points compared with figures of the same period in 2009.
UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.