MUSCAT: The National Centre for Statistics and Information (NCSI) has released the latest data regarding Oman's Gross Domestic Product (GDP) at constant prices for the third quarter of 2023. The report indicates positive signs of growth and stability in the country's economy.
According to the NCSI monthly bulletin, the GDP at constant prices witnessed a 2.2% increase in Q3 2023 compared to the same period last year. This growth reflects the resilience and strength of Oman's economy amidst global uncertainties.
Breaking down the figures, the report highlights the different sectors contributing to Oman's GDP. Petroleum activities, a core industry for the country, witnessed a slight decrease of 0.9% in Q3 2023 compared to the same quarter in 2022. Despite this minor decline, petroleum activities remained a significant driver of the overall GDP, contributing a total of RO 3.311 billion during the Q3 compared to RO 3.340 billion during the same period last year.
Within the petroleum sector, crude petroleum registered a decline of 2.7% in Q3 2023, while natural gas production saw an impressive growth of 10.3% during the same period. These figures underline the ongoing diversification efforts within the energy sector, as Oman seeks to reduce its reliance on crude oil and embrace cleaner sources of energy.
On the other hand, non-petroleum activities demonstrated a positive trajectory, showing a notable increase of 3.9% in Q3 2023 when compared to the previous year. This sector contributed significantly to Oman's GDP, reaching a total of RO 6.366 billion during Q3 2023.
Within the non-petroleum activities sector, agriculture, forestry, fishing, and industry activities played a vital role. Agriculture and related activities witnessed a growth of 9.5% in Q3 2023, with agriculture and forestry subsector growing at 10.2% and fishing at 8.6%.
In contrast, industry activities experienced a decrease of 2.6% in Q3 2023, mainly attributed to declines in mining and quarrying.
The services activities sector registered a commendable growth rate of 6.5% in Q3 2023. Notably, wholesale and retail trade, transportation and storage, and professional and technical services demonstrated positive trends, contributing significantly to the overall GDP.
Furthermore, the report revealed a 2.4% increase in financial intermediation services indirectly measured, reflecting advancements in financial and banking sectors within the country.
Consequently, the overall Gross Domestic Product at producers' prices (GDP-P) marked a 2.3% increase in Q3 2023, amounting to approximately RO 9.514 billion. With the tax less subsidies on products amounting to RO 125.6 million, Oman’s GDP at constant prices tops RO 9.388 billion.
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