Oman’s GDP Grows 2.6% as Private Credit Reaches $68 Billion

Oman, 22 October, 2024 : Oman’s economy continues to grow, driven by non-oil activity, according to recent data from the Central Bank of Oman. By the end of the second quarter of 2024, the sultanate's nominal GDP increased by 2.6%, with real GDP rising 1.9% thanks to a 4.2% boost from the non-hydrocarbon sector.

The banking sector has also seen positive trends, with total outstanding credit reaching OMR 31.4 billion ($81.3 billion) by the end of August 2024, reflecting a 3.3% growth. Credit to the private sector rose by 2.8%, totaling OMR 26.3 billion ($68.1 billion), primarily driven by corporations outside the financial industry (44.9%) and households (45.2%).

In terms of deposits, funds in conventional and Islamic banks rose by 11.6% year-on-year, reaching OMR 31.1 billion by August 2024. Private sector deposits increased by 11.7% to OMR 20.8 billion, with households accounting for nearly half of the total deposits, followed by non-financial businesses (30%) and financial corporations (17.9%).

Source : www.zawya.com