Oman’s GDP Projected to Reach $102 Billion in 2025

Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024.

According to the Ministry of Finance’s 2025 budget presentation, the Sultanate recorded a 1.9% economic growth in the first nine months of 2024. Oil revenues reached OR9.13 billion, while non-oil revenues saw significant growth, reaching OR20.53 billion during the same period.

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2025 Budget Highlights

• Deficit: OR620 million ($1.6 billion).
• Expenditure: Projected to total OR11.8 billion, marking a 1.5% year-on-year increase.
• Borrowing Plans: The government plans to raise OR750 million to address the deficit and service public debt.

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2024 Budget Surplus

Contrary to earlier projections of a deficit, Oman’s 2024 budget ended with a surplus of OR540 million, thanks to a 15% increase in revenues (OR12.7 billion) and efficient management of public spending (OR12 billion).

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Future Outlook

Oman continues to diversify its economy through measures such as imposing a 15% corporate tax on multinationals and resuming copper exports to meet rising global demand. These efforts aim to create a more resilient and sustainable economy.

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