PHOTO
Oman’s economy has continued to expand, driven by non-oil activity, while the banking sector has seen an uptick in both borrowings and deposits, according to the latest data.
At the end of the second quarter of 2024, the sultanate’s gross domestic product (GDP) at current prices rose by 2.6%, while real GDP inched up by 1.9% on the back of the non-hydrocarbon sector, which rose by 4.2%, the Central Bank of Oman said, citing preliminary data from the National Centre for Statistics and Information (NCSI).
The country’s banking sector, including conventional and Islamic banks, logged a total of OMR 31.4 billion ($81.3 billion) in outstanding credit at the end of August 2024, registering a 3.3% growth.
Credit extended to the private sector rose by 2.8% in the same period compared to a year ago, reaching OMR 26.3 billion ($68.1 billion), with corporations outside the financial industry and households bagging the lion’s share at 44.9% and 45.2%, respectively.
Financial corporations accounted for 6.4% of total credit in the private sector, while other sectors obtained 3.5%.
As for deposits, funds held in conventional and Islamic banks grew by 11.6% year-on-year to OMR 31.1 billion at the end of August 2024.
The private sector saw an 11.7% increase in deposits to OMR 20.8 billion, led by households, which accounted for 49.5% of the funds, outpacing non-financial businesses, which accounted for 30% of deposits, as well as financial corporations (17.9%) and other sectors (2.6%).
(Writing by Cleofe Maceda; editing by Seban Scaria)
