MUSCAT, Oct. 21 (Xinhua) -- Oman has achieved a year-on-year growth of 12.3 percent in gross domestic product (GDP) at 33.54 billion U.S. dollars for the first half of 2017, report suggested.
The latest monthly report released by National Center for Statistics and Information suggests that the growth is attributed to a price increase in crude oil, which constitutes 44 percent of the country's GDP and 71 percent of the government revenue.
The average price of Oman crude surged by 35 percent to 51 dollars per barrel for Jan.-Aug. period of 2017, against 37.6 dollars a barrel for the corresponding period in 2016.
As a result, the hydrocarbon sector grew by 34.9 percent to 10.91 billion dollars the first half, where as non-oil sector edged up by 3.8 percent to 23.57 billion dollars, the report said.
The total production of crude oil in Oman fell by 3.9 percent to 235.33 million barrels for the first eight months compared with the same period last year.
Oman is world's largest non-Opec producer of crude oil.
