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Oman economy grew 6pc in 2010

Muscat, February 7, 2011

Oman's economy grew by 6 per cent last year, more than the government had expected, and the non-Opec oil producer overspent its 2010 budget by 7 per cent due to higher crude prices, a finance ministry source said on Monday.

"GDP growth in real terms was 6 percent in 2010," the source, who spoke on condition of anonymity, told Reuters.

"Because of high oil prices in 2010, the government has spent 7 percent more compared with forecast spending."

In August, the government expected gross domestic product growth of 5 per cent, while analysts polled by Reuters in December bet on a 4.6 per cent expansion. The government set spending in the 2010 budget at 7.18 billion rials ($18.65 billion).-Reuters




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