IMF REPORT
Liquefied natural gas (LNG) exports from Oman LNG helped narrow
the balance of payments deficit and strengthen the country’s reserves
according to the IMF’s Article IV consultation with Oman.
Income from the sale of LNG increased to $1200 million in 200.
This contributed to a 7.3 per cent gross domestic product (GDP)
growth.
Overall government spending increased due to the construction of
two LNG trains at SUR and bigger defence expenditure.
Strong growth in the domestic economy and the non-hydrocarbons
sector helped offset lower than expected oil income.
LNG revenue will continue to support ongoing infrastructure and
industrial investment and sustainable growth will be enhanced by
foreign investment and the liberalisation of the public sector.
Selected Economic Indicators
| |
1999 |
2000 |
2001 |
| |
|
|
|
| Production/prices
(% change) |
| Real
GDP |
-0.2 |
5.1 |
7.3 |
| Oil
and gas |
-0.4 |
9.6 |
7.1 |
| Non-hydrocarbon |
-0.1 |
2.6 |
7.5 |
| Consumer
price index |
0.5 |
-1.2 |
-1.0 |
| |
|
|
|
| Financial
variables (% of GDP) |
| Total
revenue |
38.6 |
44.3 |
41.0 |
| Oil
and gas* |
28.3 |
36.6 |
31.9 |
| Other
revenue** |
10.3 |
7.7 |
9.1 |
| Capital
expenditure |
6.8 |
6.2 |
6.9 |
| Change
in private sector debt |
-2.6 |
13.4 |
16.2 |
| |
|
|
|
| External
sector (US $ ’000m) |
| Exports,
f.o.b |
7.2 |
11.3 |
11.1 |
| Imports,
c.i.f. |
4.8 |
5.1 |
5.9 |
| Crude
oil |
5.4 |
8.7 |
7.6 |
| Liquefied
natural gas (LNG) |
0 |
0.5 |
1.2 |
| Current
account balance |
-0.3 |
3.4 |
2.3 |
| Current
acc. balance (% of GDP) |
-1.9 |
17.2 |
11.6 |
| Central
Bank international reserves |
2.8 |
2.4 |
2.4 |
| Total
external debt |
6.7 |
6.6 |
5.9 |
| |
|
|
|
Source: IMF
*Includes transfers to the State General Reserve Fund (SGRF) and
Oil Fund.
** Includes income on assets of the SGRF and Oil Fund.
|
