JOMAR MENDOZA
MUSCAT, JUNE 24
The Sultanate of Oman’s Q1 GDP at constant prices has reached RO 8.7 billion, according to recent data released by the National Centre for Statistics and Information.
The country’s GDP growth rate at constant prices in the first quarter of 2023 was 4.7%, to reach RO 8.705 billion, up from RO 8.306 billion recorded in the same period last year.
The increase in GDP can be attributed to a rebound in the oil and gas sector, which accounts for a significant portion of Oman’s economy. The sector grew by 3.5% in Q1 amounting to RO 2.829 billion, compared to RO 2.732 billion in the same period last year.
This growth was largely driven by an increase in oil production and higher global oil prices.
In addition to the oil and gas sector, other sectors of the economy also showed signs of recovery. The industry sector grew to RO 1.760 billion, an increase of 4.4% compared to the same period last year, which amounted to RO 1.685 billion.
Mining and quarrying led the industry activities with 9.9% growth, followed by manufacturing with 5.2% increase, electricity and water supply with 4.4% growth and 3.1% growth in construction activities.
The services sector, which is the largest sector of Oman’s economy, showed the biggest growth. The sector grew by 5.0% in Q1 2023 to reach RO 4.146 billion, compared to RO 3.947 billion in the same period last year.
This growth was driven by improvements in the wholesale and retail trade sector, which grew by 5.0% in Q1, amounting to RO 719 million compared to RO 685 million in the same period last year.
The transportation and storage services also saw an increase of 8.6% to reach RO 498 million compared to RO 458 million in Q1 2022.
Oman’s Q1 GDP growth is a positive sign for the country’s economy. The rebound in the oil and gas sector, along with improvements in other sectors, suggests that the country’s economy is on a growth path.
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