Economy

Oman’s GDP at current market prices stood at OR31.45bn ($81.4bn) in 2014, up 4.6% on 2013, according to the Central Bank of Oman. However, the drop in global oil prices has put significant pressure on Oman’s GDP expansion. To address this, and indeed to pave the way for a non-oil future, various diversification strategies have been put in place that aim to reduce the county’s reliance on hydrocarbons revenues and stimulate growth across the board. Large infrastructure investment is under way, with the development of Oman’s transport and logistics offerings a key target moving forward. The services sector meanwhile dominates non-oil GDP and comprised 40.7% of total economic activity in 2014. Looking ahead, the government is increasingly aiming to encourage greater private sector activity, with the privatization of various state-owned firms and support for SMEs being significant drivers in this regard. This chapter contains an interview with Sultan bin Salim Al Habsi, Secretary-General, Supreme Council for Planning; and Khalifa Al Barwani, CEO, National Centre for Statistics and Information.