Oman’s GDP Reaches $73 Billion; 1.9% Growth in the First Nine Months of 2024

Oman’s Gross Domestic Product (GDP) at constant prices reached RO 28.146 billion ($73.1 billion) by the end of the first nine months of 2024, showing a 1.9% increase compared to RO 27.632 billion ($71.8 billion) in the same period in 2023.

Key Highlights:

• Oil Activities: 🔸 A 2.8% decrease, reaching RO 8.881 billion ($23 billion)
  🔸 Crude oil accounted for RO 7.479 billion ($19.3 billion), a 4.1% decline
  🔸 Natural gas activities increased by 4.7%, reaching RO 1.401 billion ($3.6 billion)
• Non-Oil Activities: 🌟 A 4.2% increase, totaling RO 20.527 billion ($53.3 billion)
  🌱 Agriculture, forestry, and fishing: RO 735.7 million ($1.9 billion)
  🏭 Industrial Output: Increased to RO 6.220 billion ($16.1 billion)
  💼 Service Activities: Reached RO 13.571 billion ($35.2 billion)

Economic Performance Analysis:

This report indicates that Oman has made progress in diversifying its economy, with non-oil activities playing a crucial role in driving overall economic growth. Despite the slight decline in the oil sector, the services and industrial sectors have contributed positively to the nation’s economic performance.