Muscat, The Gulf Observer: 186% rise in the trade balance surplus reflects a smart recovery in the Sultanate of Oman’s economy.

Owing to prudent fiscal policy, the trade balance surplus grew by 185.8 percent to reach OMR4.71 billion in the first half of 2022 compared to OMR1.65 billion during the same period in 2021.

The export of goods increased by 61 percent and non-oil exports by 51.2 percent during the first half of 2022 compared to the same period in 2021.

Dr. Nasser bin Rashid Al Mawali, Undersecretary of the Ministry of Economy reaffirmed that there is a tangible improvement in performance of Oman’s economy that can be noticed in the performance of the General Budget and the improvement in the Sultanate’s credit rating by global agencies.

The improved credit rating by international agencies operating in the field is shown in the key economic indicators be it at the level of performance of economic activities or the consumer prices and labour and employment conditions which represent a key pillar in measurement of the economic condition and reflect in one way or the other the improvement in the performance of economy in general.