MUSCAT: In 2024, Oman’s gross domestic product (GDP) at current prices experienced a growth of 1%, rising to RO 41.12 billion by the end of the fourth quarter. This marks a positive shift compared to the previous year when the GDP stood at RO 40.72 billion during the same period in 2023. This modest increase in the GDP reflects the country’s economic resilience and continued recovery despite global economic challenges.
The growth can be attributed to various sectors that contributed to the overall economic expansion, including oil, gas, and non-oil industries. Oman’s efforts to diversify its economy have played a crucial role in sustaining growth across different sectors. The positive performance in the energy sector, particularly in oil and gas, has helped to offset slower growth in other areas.
Government initiatives to improve economic conditions and attract foreign investment have also played a key role in supporting growth. Efforts aimed at boosting tourism, infrastructure, and services have gradually led to a more stable and diverse economic environment. Furthermore, the improvement in global oil prices has provided an additional buffer for the economy during periods of volatility.
Looking ahead, Oman is expected to continue its focus on diversification, which remains critical to reducing reliance on hydrocarbons and fostering sustainable long-term growth. The country’s strategic economic plans, including investments in renewable energy and technological innovation, are expected to further strengthen its economic position in the coming years.
