Oman’s GDP rises 275 times from 1970, says World Bank

Muscat - 

Oman’s gross domestic product (GDP) rose from US$256.3mn in 1970 to US$66.29bn in 2016, rising nearly 275 times during this period, according to a statistical bulletin published by the World Bank on its website recently.

The World Bank said that the sultanate recorded the highest GDP in 2014 at US$81.03bn due to higher oil price, Oman News Agency (ONA) reported.

The bank pointed out that Oman’s per capita GDP increased from US$320 in 1970 to US$18,080 in 2015, rising 56.5 times during the period.

The World Bank noted that the student enrolment rate in the sultanate’s schools during this period increased from 2.83 per cent of the total school age population to 109.28 per cent in 2015. The World Bank forecasts that the sultanate’s GDP growth rate will be 2.9 per cent in 2017, 3.4 per cent in 2018 and 3.6 per cent in 2019.

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