Muscat, (Business News Report) – Sultan of Oman, Haitham bin Tariq, affirmed that his country aspires to be an investment destination.
In his speech on the occasion of the two-year anniversary of his assumption of power, the Sultan touched on the importance of the private sector in providing job opportunities.
He said that his country is satisfied with the positive financial path in the country.
Investment destination
The Sultan added: “We focus on the active contributions of young people to our journey. We are satisfied with the positive change in the financial path.”
The gross domestic product at current prices increased by the end of the third quarter of 2021, recording 24.2 billion riyals. Expectations indicate an improvement in the gross domestic product at current prices to reach 32 billion riyals for this year.
Oman recorded a decrease in the estimated deficit from 4.8 billion riyals before taking measures to 1.2 billion riyals by the end of this year. The country recorded a decrease in the annual deficit as a percentage of GDP from 15.5% in 2020 to 3.8% in the current year .
Low debt
Oman recorded a decrease in the ratio of public debt to GDP to 68%, compared to what was planned and amounted to 83%, for the year 2021.
All credit rating agencies revised their outlook for Oman this year to stable and positive after the continuous declines since 2014.
Merchandise exports also achieved an increase of 42.2% until September 2021 compared to the same period of the previous year. Merchandise imports increased by 54.3% until September 2021 compared to the same period of the previous year.
The Central Bank of Oman‘s foreign currency reserves increased by 31%, to reach $18 billion, until the end of December 2021. This is compared to about $14 billion at the end of December of last year.
The total deposits in the banking sector recorded a growth of 5.3%, to reach 25.2 billion riyals by the end of October 2021. the total balance of credit granted by local banks increased by 5%, to reach 27.8 billion riyals by the end of October 2021
