Muscat, Oman, February 03, 2024 : Oman's economic recovery is gaining traction, driven by a robust hydrocarbon sector and supported by structural reforms, according to the IMF. In 2022, GDP surged by 4.7%, primarily fueled by the expansion of the oil & gas industry, while non-hydrocarbon sectors faced challenges. Nevertheless, non- hydrocarbon growth rebounded to 2.7% in H1 2023, buoyed by improvements in agriculture, construction, and services.
Fiscal discipline played a crucial role in transforming a deficit into a surplus of 10.1% of GDP in 2022, supported by higher oil & gas revenues, increased tax yields, and reduced expenditures. Employment witnessed modest growth, inflation remained contained despite global pressures, and significant reductions were made in public sector debt.
Furthermore, the current account marked its first surplus since 2014, and the banking sector exhibited resilience, maintaining controlled non-performing loans (NPLs) and adequate liquidity. These outcomes reflect the prudent oversight of the Central Bank of Oman (CBO) and the banks' focus on domestic operations.
Source: https://www.zawya.com/en/uae
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