Oman’s Nominal GDP Declined by 13.4% YoY in 2Q 2020; Total Banking Deposits Increase

Preliminary data released by Oman’s National Centre for Statistics and Information (NCSI) has revealed that the country’s nominal gross domestic product (GDP) declined by 13.4% year-on-year (YoY) in the second quarter of 2020 (2Q 2020), compared to the same period in the previous year, as reported in the August 2020 Monthly Statistical Bulletin issued by the Central Bank of Oman (CBO) recently.

The contraction in the economy was attributed to a 20.0% YoY decline in the hydrocarbon sector, as well as a 9.9% YoY decline in the non-hydrocarbon sector in 2Q 2020, according to the CBO.

In addition, CBO reported that total deposits held in Oman’s banking sector increased...