Oman’s Non-Oil Activities Drive GDP Growth in Q1 2024
In a boost to Oman’s economy, non-oil activities contributed to a 0.8 percent year-on-year increase in the country’s gross domestic product, reaching 10.45 billion Omani rials ($27.15 billion) in the first quarter of 2024.
Positive Outlook for Oman’s Economy
Preliminary data from the National Centre for Statistics and Information revealed that non-oil activities surged by 3.9 percent to 7.18 billion rials, indicating a favorable economic outlook for Oman with real growth expected to hit 1.5 percent in 2024. This growth is driven by increased gas production and diversification efforts.
Government Initiatives to Boost Economy
The government’s efforts to advance governance and efficiency reforms are evident in initiatives like the Future Fund Oman, launched by the Oman Investment Authority. This plan aims to attract foreign investment and support local small and medium-sized enterprises, further bolstering economic growth.
Challenges in Oil and Gas Sectors
Despite the overall growth, data showed a decline in crude oil activities by 4.4 percent to 2.99 billion rials, and a slight decrease in natural gas activities by 0.1 percent to 524.4 million rials in the first quarter of 2024. However, total industrial activities saw an increase to 2.18 billion rials compared to the same period in 2023.