Oman’s GDP Growth Forecasted at 3.1% in 2025, Driven by Non-Oil Sector

Oman, 3 January, 2025 :  Oman’s GDP is forecasted to grow by 3.1% in 2025, driven by the non-oil sector, according to the country’s State General Budget and the Oman Investment Authority (OIA). The growth forecast follows a 1.7% increase in 2024, up from 1.3% in 2023.

Government-led fiscal, regulatory, and market-driven measures have supported the economic rebound since 2022. The OIA’s report cites the Central Bank of Oman’s monetary easing and low inflation as key factors in boosting investments, private consumption, and foreign direct investment (FDI).

However, risks to the growth outlook include potential declines in oil prices and the impact of trade tariffs under the incoming U.S. administration. Despite this, Oman’s fiscal management efforts have significantly reduced public debt, with total debt declining by 5.3% in 2024. Public debt as a share of GDP now stands at 34%, down from 36.5% at the end of 2023.