Oman’s nominal gross domestic product (GDP) rose 16.2 per cent year-on-year to RO15.2bn ($39.47bn) in the first half of 2012, according to data released by the country’s National Centre for Statistics and Information.

Much of the growth was attributed to rising oil production and prices, with Oman’s oil-based GDP rising 19.9 per cent to RO7.86bn during the surveyed period.

The country’s budget surplus topped RO2.9bn in the first nine months of the year, marking an impressive 320 per cent increase on the RO906m reported in the same period of 2011.