Oman’s Economy Shows Resilience with 2.6% GDP Growth
In a surprising turn of events, Oman’s nominal gross domestic product experienced a 2.6% growth at the close of the second quarter of the year compared to the same period in 2023.
The growth was predominantly fueled by a 5% increase in the non-hydrocarbon sector, although it was partially offset by a 1.4% reduction in hydrocarbon sector production, as per preliminary data from the National Center for Statistics and Information.
Real GDP also saw a 1.9% increase, with the non-hydrocarbon sector contributing a significant 4.2% to this expansion.
As of October, the average price of Omani oil rose by 2.5% to $82.6 per barrel, while oil production saw a 5.4% decrease to nearly 994,000 barrels per day. Furthermore, the Consumer Price Index reflected a modest 0.6% year-on-year inflation as of October.
Non-Oil Exports and Insured Sales Surge by 5% in Q3
Oman witnessed a remarkable 5% growth in non-oil exports and domestic sales insured by Credit Oman in the third quarter, reaching 272.8 million Omani rials ($708.8 million).
Domestic sales soared by 15% to 126.9 million rials, while non-oil exports saw a slight decline of 2% to 145.9 million rials, according to official data reported by the country’s news agency.
The petrochemical and plastics sector experienced a phenomenal 58% growth, whereas the mining industry witnessed a significant 42% drop. In the domestic market, packaging led the growth with a remarkable 156% rise, while building materials declined by 12%. Consumer goods and food sales also saw a healthy 13% growth.
Maritime Tourism Flourishes with 133 Licenses Issued
The Ministry of Transport, Communications, and Information Technology disclosed that the number of licenses issued for maritime tourist trips in Oman from January to August totaled 133.
Eight firms are currently managing and operating the tourist marine docks in various governorates, ensuring a seamless experience for tourists.
The Director General of Ports, Muhanna bin Moosa bin Baqir, emphasized the ministry’s commitment to overseeing Oman’s maritime affairs, focusing on operational performance and compliance with international standards for ship security and port facilities to enhance operational efficiency.
Natural Gas Production and Imports Surge by 4.5% to 47.1 Billion Cubic Meters
Oman witnessed a substantial 4.5% increase in the total domestic production and import of natural gas, reaching 47.1 billion cubic meters by the end of October compared to 45.1 billion cubic meters in the same period last year.
Industrial projects accounted for over half of natural gas usage in the country, totaling approximately 24.1 billion cubic meters by the end of October.
Non-associated natural gas production, including imports, amounted to 37.5 billion cubic meters, while associated production stood at 9.6 billion cubic meters by the end of the current year.
Oman’s Oil Exports Reach Record High of 256.3 Million Barrels
Oman’s total oil exports surged to approximately 256.3 million barrels by the end of October, with an average price of $82.6 per barrel, accounting for 84.6% of the total oil production, which stood at 303.1 million barrels.
Crude oil production experienced a slight decrease of 6.6%, totaling 232.1 million barrels, while condensate production saw a marginal increase of 0.2%, reaching 71.1 million barrels. The average daily oil production stood at 993,900 barrels.