MUSCAT: The Sultanate of Oman’s gross domestic product (GDP) at current market prices grew by 1% in 2024, reaching RO 41.119 billion by the end of the fourth quarter, according to preliminary data from the National Centre for Statistics and Information (NCSI). This marks a modest increase from RO 40.716 billion recorded at the end of 2023.
Despite the overall GDP growth, oil sector output declined by 4%, totaling RO 14.162 billion and contributing 32.1% to the economy. Within this sector, crude oil activities fell by 5.3% to RO 11.95 billion, while natural gas activities expanded by 4%, reaching RO 2.212 billion.
On the other hand, non-oil activities drove the GDP increase, expanding by 4.1% to RO 28.319 billion, compared to RO 27.213 billion in 2023. Industrial activities grew to RO 8.121 billion, while agriculture, forestry, and fishing contributed RO 1.070 billion. Service activities remained the largest component, reaching RO 19.127 billion.
Within the non-oil economy, construction activity accounted for 7.1% of GDP, while wholesale and retail trade contributed 8%. Public administration and defense represented 9%, with other non-oil activities making up 40% of the total GDP.
The latest figures highlight Oman’s ongoing economic diversification efforts, with non-oil sectors playing an increasingly significant role in sustaining economic growth. — ONA
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