Oman Economy Records Budget Surplus and 1.6% GDP Growth in 2024

Oman, 9 April, 2025 : Oman recorded a fiscal surplus and moderate economic growth in 2024, supported by higher oil revenues and expansion in non-oil sectors, according to official data from the National Centre for Statistics and Information (NCSI).

The Sultanate’s GDP grew by 1.6% year-on-year to RO 37.7 billion ($98.1 billion), while GDP at current prices fell by 3.0% to RO 40.7 billion due to lower oil activity. Non-oil sectors expanded by 3.7%, driven by manufacturing (+8.5%), wholesale and retail trade (+7.1%), and financial services (+3.5%). Oil-related activities declined by 3.6% as crude output and prices softened.

Government revenues increased by 4% to RO 10.2 billion, driven by oil revenues (+11%) and taxes (+18%). Public spending rose by 8% to RO 9.68 billion, with allocations for development projects and subsidies. The budget recorded a surplus of RO 520 million, down from RO 830 million in 2023.

Merchandise exports grew by 6.8% to RO 24.2 billion, with oil and gas exports up 18.4%. However, non-oil exports fell by 16.3%. Imports rose by 12.1% to RO 16.7 billion.

Foreign direct investment (FDI) reached RO 30.04 billion, up 18%, with the UK being the top investor. Broad money supply (M2) grew by 8.1%, while banking credit increased by 6.7%. The inflation rate stood at 0.97% in February 2025, with transport costs seeing the highest increase.

The MSX 30 index dropped by 2.6% year-on-year in February 2025, though the total value of traded securities surged by 40.9%. Omani investors were net buyers, while GCC and foreign investors recorded net outflows.