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Annual Report 2015
https://authoring.bnet.om/english/Reports/Pages/Annual-Report-2015.aspx
6/3/2016 8:00:00 PM
Annual Report 2015
<p style="text-align:justify;"><span class="ms-rteStyle-Normal">The Central Bank of Oman (CBO) released its Annual Report 2015 on June 30, 2016. The Report reflects the overall assessment of Oman’s macroeconomic developments during 2015 and analyses major sectors of the economy covered under five Chapters on Output, Employment and Prices (Chapter II); Oil and Gas (Chapter III); Public Finance (Chapter IV); Money, Banking and Financial Institutions (Chapter V); and Foreign Trade and Balance of Payments (Chapter VI). The Chapter I on Overview and Outlook provides a brief review of macroeconomic developments in the first half of 2016 to present an assessment of the expected outlook for the economy in the near-term. The Annual Report also carries the audited balance sheet of the CBO as well as important CBO regulations issued during 2015 and the first half of 2016. </span></p><p style="text-align:justify;"><span class="ms-rteStyle-Normal"><br>After five uninterrupted years of robust growth, the Omani economy recorded a contraction in 2015, mainly on account of marked drop in oil prices in the international markets and partly due to global slowdown. Despite increased oil production, net exports suffered a setback in 2015 due to low oil prices. Prudent fiscal consolidation measures reduced Government expenditure significantly in order to contain deterioration in the budget balances. Consequently, nominal GDP contracted by 14.1 percent in 2015 reflecting the reduction in two key constituents of aggregate demand, namely, rationalization in Government expenditure and slowdown in exports as against a robust average growth of 11.3 percent during the five year period from 2010 to 2014. </span></p><p style="text-align:justify;"><span class="ms-rteStyle-Normal"><br>Creation of adequate employment opportunities for the Omanis has been one of the major macroeconomic objectives of the Government during the recent years. During 2015, employment of Omanis in the private sector increased by 6.1 percent. </span></p><p style="text-align:justify;"><span class="ms-rteStyle-Normal"><br>Inflationary pressures in Oman abated significantly in 2015 mainly due to the decline in international commodity prices, reduced public spending in Oman and notable appreciation of US Dollar in real effective terms since mid-2014. Annual inflation measured by movement in the average Consumer Price Index (CPI) for the Sultanate decelerated to 0.1 percent in 2015 compared with an average of 2.5 percent during the previous five years. The recent behavior of prices in Oman owes its origin to both demand and supply side factors emanating from domestic as well as external sources. From the demand side, contraction in the nominal GDP in Oman in 2015 was mainly due to sharp fall in crude oil prices in the global markets and fiscal policies pursued by the Government. Among the supply side factors, marked drop in world food and metal prices coupled with decline in import prices in 2015 facilitated making goods cheaper in Oman. </span></p>
AnnualReport
https://publishing.bnet.om/sites/assets/Documents/English/Publications/AnnualReports/AnnualReport2015.pdf
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