In the first quarter (Q1) of 2023, the Sultanate’s gross domestic product (GDP) at constant prices recorded a year-on-year increase of 0.8 per cent, according to a Department of Economic Planning and Statistics (JPES) report.
The year-on-year increase was attributed to an increase in the non-oil and gas sector by 6.2 per cent. Meanwhile, the oil and gas sector fell by five per cent.
The increase in the sector was driven by the rise in subsectors such as air transport by 285.1 per cent, followed by finance (71.7) and other transport services (33.1).
The increase in the finance subsector was in line with an increase in the income of banking activities. Meanwhile, the increase in the air transport and the other transport services was driven by an increase in passenger air arrivals and departures, corresponding to the full lifting of travel measures.
The manufacture of petroleum and chemical products subsector under non-oil and gas sector experienced a decline due a decrease in the production of petrochemicals as a result of maintenance activities.
Source: Borneo Bulletin
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August 29, 2023
