Oman’s GDP at current prices up by 7.4%

The Sultanate of Oman’s Gross Domestic Product (GDP) at current prices increased by 7.4% at the end of Q1 2023, according to the preliminary data issued by National Centre for Statistics and Information (NCSI).

The NCSI report reveals that Oman’s GDP at current prices stood at RO 10.426 billion in Q1 2023, up from RO 9.710 billion in the corresponding period last year. The growth in GDP was led by the growth of non-oil sector, which expanded by 6.7 per cent, reaching RO 7.263 billion at the end of Q1 2023, compared to RO 6.588 billion during the same period last year. The non-oil sector’s strong performance was driven by a surge in manufacturing, construction and finance sectors.

This increase was also supported by the growth of oil activities with 6.1 per cent at the end of Q1 2023, amounting to RO 3.585 billion, compared to RO 3.379 billion at the end of Q1 2022. Crude oil activities grew by 6 per cent, recording RO 3.084 billion, while natural gas activities increased by 6.5 per cent, recording RO 500.600 million.

The oil sector’s growth was attributed to an increase in crude oil production, which rose by 2.6 per cent year-on-year to reach 95.7 million barrels in Q1 2023.

The total industrial activities recorded a growth of 4.6 per cent, reaching RO 1.922 billion, compared to RO1.839 billion by the end of Q1 2022. The activities in agriculture, forestry and fishing recorded a growth of 8.4 per cent from RO 215.700 million to RO 233.900 million. Meanwhile, the service activities recorded a growth of 7.4 per cent, from RO 4.533 billion to RO 4.869 billion.

Oman’s strong economic performance in Q1 2023 is a positive sign for the country’s overall economic outlook. The government’s ongoing investments in infrastructure development and the implementation of Oman Vision 2024 are expected to support economic growth and attract foreign investments.