|Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, today releases its Q1 2013 property market report for Oman. The Sultanate's economy continues to perform well and recent government figures indicate that the national GDP grew by 13.2% during the first three quarters of 2012. According to ratings agency Standard and Poor (S&P), the government budget will remain in surplus for the next two years, although it is strongly reliant on sustained oil prices. Fortunately, sector analysts are forecasting that oil prices will remain stable or even show a small increase this year.
Government spending on development and infrastructure projects during the eighth Five Year Plan (2011 - 2015), part of a long-term development strategy set out in the 'Vision 2020, will now amount to RO 16 million compared with the initial projection of RO 12.1 billion. It will include a 45% rise in expenditure on housing, from RO 323 million to RO 469 million during 2013. The economic outlook for the country remains positive but reliant on sustained oil prices and production. (Press Release)