MUSCAT: Oman’s economy has shown promising growth, reaching a total GDP of RO 30 billion and 642 million, marking an increase from the previous year’s total of RO 29 billion and 845 million. This growth reflects positive economic momentum, as indicated by data from the National Centre for Statistics and Information. Despite global economic challenges, Oman’s economic recovery is gaining strength, with projections suggesting continued growth in the coming periods.
The oil sector, traditionally a major contributor to the Omani economy, recorded a modest 0.3% increase, bringing in RO 10 billion, 766 million, and 200 thousand. This growth was largely due to an increase in natural gas activities, which saw a 3% rise, contributing RO 1 billion, 645 million, and 900 thousand. However, the crude oil sector experienced a slight decline, with a 0.1% decrease in revenues, dropping to RO 9 billion, 120 million.
Meanwhile, the non-oil sector showed more robust growth, increasing by 4.2% and reaching RO 20 billion, 974 million, and 900 thousand by the end of the third quarter. This was driven primarily by the industrial sector, which experienced a significant 5.4% increase, contributing RO 6 billion, 95 million, and 400 thousand. Additionally, the service sector also performed well, with a 3.5% rise, reaching RO 14 billion, 71 million, and 800 thousand.
The agriculture, forestry, and fishing industries demonstrated remarkable performance with a 9.7% increase, contributing RO 807 million, 600 thousand to the overall GDP. This strong growth in the non-oil sector highlights the diversification of Oman’s economy, reflecting successful efforts to reduce reliance on oil revenues and stimulate growth in other vital industries.
