Construction in Oman to 2022 | Market Research Trends and Opportunities
Synopsis Oman’s construction industry suffered a sharp downturn in 2017, in part due to public expenditure cuts that stemmed from a decline in the country’s oil production. Consequently, construction output contracted by 6.1% in 2017, following an average annual growth of 9.8% during the preceding three years. Although the collapse of oil prices in 2014 affected the oil-dependent economy, the government’s effort to diversify the economy through investments in non-oil sectors supported the industry’s overall growth in 2015–2016. Additionally, the implementation of the Eighth Five-Year Development Plan 2011–2015 supported the industry’s expansion, under which the government invested OMR12.0 billion (US$31.2 billion) to develop the country’s residential, transport, industrial and healthcare infrastructure. The construction industry is expected to recover in 2018, supported by a gradual recovery in global oil prices. This growth is expected to continue throughout the forecast per...