Central Bank of Oman Publishes 2023 Annual Report Highlighting Economic Growth and Stability

Oman, 30 September, 2024 : The Central Bank of Oman (CBO) has published its Annual Report for 2023, providing a detailed analysis of the country's macroeconomic performance. Despite global challenges, Oman’s economy achieved steady growth in 2023, driven by a strong non-hydrocarbon sector, stable prices, and effective government policies to curb inflationary pressures.

Real GDP growth in 2023 moderated to 1.3%, down from 9.6% in 2022, largely due to OPEC+ production cuts. However, non-hydrocarbon sectors saw growth, with agriculture, forestry, and fishing expanding by 6.9%. Inflation dropped to 0.9%, down from 2.5% in 2022, primarily due to lower energy prices.

The banking sector remained robust, with total assets rising 7.8% to RO 41.8 billion, and deposits growing 12.3%. Non-performing loans stayed low at 4.5%, and the capital adequacy ratio reached 18.9%.

Oman's external position remained strong, with the current account surplus at RO 1,014 million. The fiscal surplus stood at 2.2% of GDP, and public debt was reduced to 36% of GDP. The outlook for 2024 is positive, with expected growth in both hydrocarbon and non-hydrocarbon sectors, supported by favorable oil prices and ongoing reforms under Oman Vision 2040.

Source : www.omannews.gov.om