Oman’s State Revenues Grow 4% to Surpass $26 Billion by October 2024

Oman, 12 December, 2024 : Oman’s state general revenues reached RO 10.203 billion by the end of October 2024, a 4% increase from RO 9.800 billion during the same period in 2023. This growth was driven by strong non-oil revenues, highlighting the success of Oman’s economic diversification efforts, according to the Ministry of Finance’s latest financial report.

In October alone, revenues rose 12% year-on-year, from RO 1.525 billion to RO 1.734 billion. Meanwhile, government expenditures increased by 8%, totaling RO 9.684 billion, with a significant 12% rise in investment spending on strategic infrastructure and development projects.

The national economy is projected to grow by 3.2% in 2024, reflecting Oman’s resilience amidst global challenges. Looking ahead, the government aims to further accelerate economic diversification, improve investment efficiency, and address fiscal imbalances to ensure long-term sustainability.