Oman’s Industrial Sector Grows 9.2% in Q1 2024

Oman, 12 September, 2024 : Oman’s industrial sector recorded a robust 9.2% growth in the first quarter of 2024, according to the National Centre for Statistics and Information. Production value increased from RO871 million to RO951 million, now contributing 10% to the GDP at constant prices.

Basic chemical industries saw a 6.4% rise, with production value climbing from RO317.8 million to RO338.2 million. Other manufacturing industries also grew by 6.3%, with production value rising from RO513.1 million to RO545.2 million.

H.E. Dr. Saleh bin Saeed Masan, Undersecretary at the Ministry of Commerce, Industry, and Investment Promotion, noted that Oman’s industrial growth significantly outpaced the global average, which increased by just 0.9% in Q1 2024, as reported by the United Nations Industrial Development Organization (UNIDO). He attributed Oman’s success to the efforts of local industrialists and supportive government policies, including advances in technology, improved supply chains, and strategic investments.

Oman’s industrial sector also saw a rise in the Competitive Industrial Performance (CIP) Index 2024, ranking 53rd globally and 4th regionally. Foreign direct investment in the sector reached RO2 billion by August, with 60 new projects totaling RO885 million signed this year.

Non-oil exports grew by 11.2% by the end of May, with significant increases in exports to the UAE (15%), the US (14.6%), and a 1,000% surge in exports to South Korea, largely due to a new free trade agreement with the GCC.

Jassim bin Saif al Jadeedi, Technical Director at the Ministry of Commerce, Industry, and Investment Promotion, highlighted that Omani exports to South Korea reached RO288 million in the first five months of 2024, driven by increased exports of petrochemical products, minerals, food items, and building materials.

The strong performance of Oman’s industrial sector underscores its crucial role in the country’s economic diversification and growth.

Source : www.muscatdaily.com