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English news

11-Oct-2018

Construction defies Oman's GDP growth with 13% drop

The economic output of Oman's construction sector declined by 12.6% in 1Q2018 despite an increase in the country's quarterly gross domestic product (GDP). The sultanate's GDP increased by 6.5% in Q1 2018, with non-oil growth, including real estate deals, driving an upswing for the economy. Construction and the service sector were the only two major industries to record a decline in the first quarter, Dr Ali bin Masoud Al Sunaidi, Oman's Minister of Commerce and Industry, said during a talk at the Sultan Qaboos University in Muscat, according to state news agency, ONA. 

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