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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010MUSCAT SECURITIES MARKETECONOMIC AND POLITICAL DEVELOPMENTSYearbook reportThe Omani economy continued to witnessrobust growth for the five consecutive years in2008 with its GDP at current market pricesrising by 44 percent supported by acceleratedactivities in both oil and non- oil sectors. In2008 there was a turnaround in crude oilproduction which rose by 6.8 percent to 277million barrels over the previous year. Briskactivities in the petroleum sector not onlyovershadowed on diversification but alsoimproved its share in GDP to 51.3 percent in2008 from an average share of 46.3 percent inthe previous four years. Non-petroleumactivities also recorded a robust growth of27.2 percent in 2008 as against an averagegrowth of 16.5 percent in the previous fouryears. Manufacturing sector witnessed animpressive growth of 40.5 percent in 2008 andits share in total GDP was maintained at littleover 10 percent. In 2008, value added in theservice sector grew at a higher rate of 22.5percent compared to an average growth of14.4 percent in the previous four years.The year 2009 was an exceptionally difficultyear with large contraction of world GDPreduction in employment, sharp decline inglobal trade volumes and above all associatedloss of economic welfare for the mankind as awhole. Nevertheless investors were moreoptimistic as deterioration in economicconditions was less rapid in the more recentperiod than before or stabilizing in somesectors.Like many other countries of the region Omaneconomy has been impacted by theinternational financial crisis. The slump in oilprices since the last quarter of 2008 and theweak international demand for good willcontribute to significant decline in Oman’seconomic growth.In view of the adverse internationaldevelopment sustaining high rate of growththe Omani government emerged a majorchallenging policy in 2009. Although fiscalposition will be under pressure, it will not posea near –term financing problem as thegovernment has accumulated large amount offoreign reserve out of fiscal surpluses duringthe recent years. The investment stability fundcreated by the government would support theunexpected downturn in the local stockmarket.As for Muscat Securities Market, it is worthmentioning that trading volume reachedUS$9.51 billion in 2008 compared withUS$6.91 billion in 2007, thus posting a recordand unprecedented increase of 36.1% sinceits establishment in 1989. Meanwhile, the MSMprice index fell from 9035 points at the end of2007 to the level of 5441 points at the end of2008, registering a drop of 39%. This is thelowest rate of fall amongst other Gulf financialmarkets.The MSM witnessed traded volume of 6,091billion shares during the year 2009 recordingan increase of 37.17% compared with 4,441billion traded shares as on 2008. During theyear 2009 the value of the traded shares wasUS$ 5380 billion with a decrease of 37.61%compared with US$ 9511 billion during theyear 2008. The Market capitalization increasedin 2009 recording US$ 23.4 billion comparedwith US$15 billion during 2008.The MSM index rose from 5441.12 points,during 2008, recording 6368 points in 2009with an increase of 17%. During 2009, theMuscat Securities Market scored the secondgrade from among the GCC exchanges.** Information provided by MSM.Key Information ContactsMinistry of National Economy www.moneoman.gov.omCapital Market Authority www.cma-oman.gov.omOman Chamber of Commerce and Industry www.cbo-oman.orgFinancial Corporation www.fincorp.orgNational Bank of Oman www.nbo.co.omREAL GDP(OMR millions)CONSUMER PRICES (% CHANGE PA; AV)(%)10987654321002005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 20101412108642PAGE 130
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010MUSCAT SECURITIES MARKETOMAN ECONOMIC CHARTS AND TABLES2005 2006 2007 2008 2009 2010Nominal GDP (US$ at PPP) bil US$ 51 57 62 (a) 67 (a) 70 (a) 74 (b)Real GDP mil OMR 7,081 7,609 8,054 (a) 8,567 (a) 8,799 (a) 9,142 (b)Real private consumption mil OMR 4,202 5,084 5,465 (a) 5,892 (a) 6,127 (a) 6,409 (b)Real government consumption mil OMR 2,095 2,182 2,313 (a) 2,459 (a) 2,581 (a) 2,729 (b)Real gross fixed investment mil OMR 1,765 1,941 2,076 (a) 2,226 (a) 2,293 (a) 2,407 (b)Real stockbuilding mil OMR n/a n/a n/a n/a n/a n/aReal exports of G&S mil OMR 2,657 2,633 2,620 (a) 2,646 (a) 2,686 (a) 2,740 (b)Real imports of G&S mil OMR 3,638 4,231 4,421 (a) 4,655 (a) 4,888 (a) 5,142 (b)Real domestic demand mil OMR 8,062 9,206 9,854 (a) 10,576 (a) 11,001 (a) 11,545 (b)Real GDP at factor cost mil OMR 6,957 7,609 8,054 (a) 8,567 (a) 8,799 (a) 9,142 (b)Real agriculture mil OMR 178 177 181 (a) 184 (a) 186 (a) 189 (b)Real industry mil OMR 2,765 2,891 2,986 (a) 3,090 (a) 3,194 (a) 3,313 (b)Real manufacturing mil OMR 572 657 716 (a) 766 (a) 812 (a) 862 (b)Real services mil OMR 4,013 4,541 4,887 (a) 5,294 (a) 5,419 (a) 5,640 (b)Gross national savings rate (%) % 38.9 41.9 37.1 (a) 38.8 (a) 32.5 (a) 35.2 (b)Gross national savings/investment % 175.8 158.0 120.1 (a) 135.2 (a) 103.5 (a) 115.9 (b)Budget balance (% of GDP) % 2.5 0.3 0.3 1.3 (a) 0.7 (a) 2.2 (b)Consumer prices (% change pa; av) % 1.2 3.0 5.9 12.5 5.3 (a) 3.0 (b)Exchange rate LCU:US$ (av) OMR/US$ 0.3845 0.3845 0.3845 0.3845 0.3845 (a) 0.3845 (b)Lending interest rate (%) % 7.1 7.4 7.3 7.1 7.2 (a) 7.2 (b)Stock of domestic credit mil OMR 3,318 3,941 5,273 6,776 7,589 (a) 8,651 (b)Domestic credit growth (%) % 1.7 18.8 33.8 28.5 12.0 (a) 14.0 (b)Deposit interest rate (%) % 3.3 4.0 4.1 4.5 4.5 (a) 4.5 (b)Population million 2.5 2.6 2.7 2.9 (a) 3.0 (a) 3.1 (b)GDP per head ($ at PPP) US$ 20,398 22,035 22,560 (a) 23,350 (a) 23,490 (a) 23,860 (b)Current account balance/GDP % 16.8 15.4 6.2 10.1 (a) 1.1 (a) 4.8 (b)International reserves bil US$ 4 5 10 12 13 (a) 14 (b)Trade balance bil US$ 11 12 10 17 11 (a) 16 (b)Foreign-exchange reserves bil US$ 4 5 10 12 13 (a) 14 (b)Total foreign debt bil US$ 4 5 6 8 8 (a) 8 (b)Public medium & long-term bil US$ 1 1 1 1 1 (a) 1 (b)Private medium & long-term bil US$ 2 2 2 3 3 (a) 3 (b)IMF debt bil US$ 0 0 0 0 0 0 (b)Short term bil US$ 2 2 3 4 4 (a) 4 (b)Net debt bil US$ -0 -0 -4 (a) -4 (a) -5 (a) -6 (b)Export credits bil US$ 0 0 (a) 0 (a) 1 0 (a) 1 (b)(a) Estimate (b) ForecastProvided by MSM.TRADE BALANCE(US$ billions)REAL GROSS FIXED INVESTMENT(OMR millions)1816141210864202005 2006 2007 2008 2009 20102.52.01.51.00.50.02005 2006 2007 2008 2009 2010PAGE 131
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