Oman’s GDP Grows 1.9% in Nine Months of 2024

Oman, 24 December, 2024 : Oman’s real GDP rose by 1.9% to RO28.146bn in the first nine months of 2024, compared to RO27.632bn during the same period last year, according to data from the National Centre for Statistics and Information (NCSI). Growth in Q3 stood at 1.1%.

Non-hydrocarbon GDP expanded by 4.2%, driven by a 5.6% rise in industrial activities and a 3.5% increase in the services sector. Key contributors included manufacturing (up 8.5%), construction (up 3.9%), and wholesale and retail trade (up 6.9%). Hydrocarbon GDP, however, contracted by 2.8%, with oil activity declining by 4.1% due to OPEC+ production cuts, while natural gas activity grew by 4.7%.

Despite the positive performance, GDP growth falls short of the Ministry of Finance’s 3% target for 2024. Oman recorded 1.3% GDP growth for the full year in 2023.

The International Monetary Fund (IMF) expects a rebound in 2025, citing higher hydrocarbon production and continued non-oil sector growth. The World Bank also forecasts improved economic performance in 2025-2026, supported by reforms and increased investment in non-oil sectors.