Oman's Q1 2024 GDP Hits $27 Billion Amid Sectoral Shifts

Oman, 24 June, 2024 :  Oman's Gross Domestic Product (GDP) reached RO 10.4 billion ($27 billion) in the first quarter of 2024, according to data released by the National Centre for Statistics and Information (NCSI). The report highlights a 3.8% decline in the value of oil-related activities compared to Q1 2023, with the petroleum sector's total activities decreasing to RO 3,520.5 million.

Conversely, non-petroleum sectors showed robust growth, increasing by 3.9% to RO 7,188.5 million. Key contributors include agriculture, which rose by 5.5%, and industrial activities, up by 5.5%, driven by a significant surge in refined petroleum products. Service sectors also saw growth, with wholesale and retail trade increasing by 5.9% and transportation and storage by 5.4%.

However, sectors like accommodation and food services experienced declines, with a 16.3% drop, while information and communications declined by 9.9%. Overall, Oman's GDP at producers' prices grew by 1.3%, reflecting dynamic shifts in the economy amidst challenges in the oil sector and promising growth in diverse industries.

The NCSI's comprehensive analysis underscores Oman's economic landscape, showcasing both challenges and opportunities across various sectors as the country navigates global economic fluctuations.

Source : www.zawya.com