Report: Oman records strong development gains

MUSCAT: The Gulf Cooperation Council (GCC) Statistical Centre has released a new report highlighting the Sultanate of Oman’s continued economic and social progress, reaffirming its position among the region’s most steadily advancing nations.
The findings come as Oman marks its National Day, underscoring achievements driven by diversification efforts that have gradually reduced reliance on oil and strengthened non-oil sectors. The contribution of non-oil activities to GDP at current prices rose to 68.2 per cent in 2024, up from 66.7 per cent the previous year.
By the end of the first quarter of 2025, Oman’s GDP at market prices increased by 4.7 per cent to RO 10.5302 billion, compared with RO 10.0566 billion in the same period of 2024. This growth was largely supported by non-oil activities which expanded by 4.1 per cent to RO 7.1326 billion.
Despite a 34.3 per cent decline in the trade balance surplus — recorded at RO 3.088 billion by June 2025, compared with RO 4.697 billion a year earlier — the national economy continued to demonstrate resilience.
Financial indicators reinforced this momentum: commercial banks’ total assets grew from RO 35.8 billion in 2020 to RO 44.5 billion in 2024, while foreign reserve assets increased by 22.5 per cent over the same period to RO 7.1 billion.
The tourism sector also registered robust development, with the number of hotel establishments rising from 548 in 2020 to 1,031 in 2024, an 88.1 per cent increase. Oman welcomed around 2.7 million visitors in 2024, generating an estimated $2.6 billion in tourism spending.
Healthcare and education continue to serve as core pillars of Oman’s development strategy. The number of public and private hospitals reached 94 in 2024, supported by skilled medical professionals whose capabilities have been steadily enhanced.
The physician-to-population ratio now stands at 21.4 per 10,000 people. In education, the student population grew to 897,700 in the 2023/2024 academic year, marking a 19.9 per cent rise compared with 2019/2020. Youth literacy reached an impressive 99.6 per cent in 2024.
Oman’s global competitiveness has also advanced, with the country ranking fourth worldwide in both the Quality of Life Index 2025 and the Gallup International Index 2025, particularly in perceptions of personal safety. It also secured the top regional ranking as the least polluted country in the Numbeo Global Pollution Index 2025.
The GCC Statistical Centre affirmed that the Sultanate of Oman’s development journey continues with confidence under the leadership of His Majesty Sultan Haitham bin Tarik, with progress reflecting the country’s long-term vision for sustainable growth and national prosperity. — ONA