Oman's Q4 2023 GDP Reaches RO 41.8 Billion, Oil Activities Decline

Oman, 22 April, 2024 : Oman's Gross Domestic Product (GDP) at current prices for the fourth quarter of 2023 stood at RO 41.8 billion, marking a 2.8% decrease compared to RO 43 billion in Q4 2022, according to data from the National Centre for Statistics and Information.

The decline is attributed to a significant drop in oil activities, which fell by 11.9% to RO 14.9 billion in Q4 2023 from RO 16.9 billion in Q4 2022, constituting 36% of the GDP.

While crude oil activities saw a 14% decline to RO 12.788 billion, natural gas activities saw a 2.4% increase, reaching RO 2.183 billion. Non-oil activities, however, grew by 1.7% to RO 28.153 billion in Q4 2023.

Industrial activities totaled RO 7.7 billion, down from RO 8.2 billion in Q4 2022. Agriculture, forestry, and fishing recorded RO 966 million, and service activities amounted to RO 19.4 billion.

Construction activities contributed 7%, wholesale and retail trade 8%, public administration and defense 9%, and other non-oil activities accounted for the remaining 40%.

Source : www.omannews.gov.om