MUSCAT: The Sultanate of Oman’s Gross Domestic Product (GDP) at constant prices stood at RO 38.305 billion (at market prices) by the end of the fourth quarter of 2024. This reflects a significant performance in the country’s economic landscape, underlining the results of its sustained efforts to boost economic growth. The GDP at market prices includes the value of goods and services produced within the country, excluding taxes, providing a comprehensive view of the economic activity during this period. The reported figure highlights Oman’s ongoing strategies to maintain stability while diversifying its economy beyond oil.
Oman’s economy has seen growth across various sectors, as the government’s focus on non-oil industries continues to yield positive outcomes. Key sectors such as manufacturing, services, and construction have all contributed to the increase in GDP, demonstrating the effectiveness of diversification policies implemented over the years. This growth has been particularly evident in the services sector, with significant improvements in tourism, financial services, and technology. The government has also worked to attract foreign investment, creating an environment conducive to business expansion and economic development.
The oil sector, although still a vital component of the economy, has had a more moderate impact on the GDP growth rate compared to previous years. The government has worked to ensure that fluctuations in global oil prices have minimal impact on Oman’s economic stability. Despite the challenges presented by global markets, Oman has managed to maintain growth in its oil production and exports. This sector, while not as dominant as before, still plays a critical role in supporting the overall economic framework of the country.
Looking ahead, Oman is expected to continue its economic recovery and growth trajectory through 2025 and beyond. With the government’s Vision 2040 in place, the country aims to achieve a more sustainable and diversified economy, one that is less dependent on oil and more focused on high-value sectors such as renewable energy, innovation, and knowledge-based industries. The positive growth seen in 2024 lays a strong foundation for achieving these long-term goals, positioning Oman as a resilient and adaptive economy in the region.
