The National Centre for Statistics and Information (NCSI) has reported that the total added value of active private enterprises in Oman reached OMR8.85 billion during the fourth quarter of 2023. This represents a significant contribution to the country’s gross domestic product (GDP), with operating enterprises accounting for 81.2 percent of GDP at current prices. However, this figure is slightly lower than the 84 percent contribution during the same period in 2022.
Large enterprises in Oman contributed OMR6.57 billion to the added value, representing 60.4 percent of the total. This is a decrease of 6.5 percent compared to the previous year. Medium enterprises added OMR681.9 million (6.3 percent), experiencing a 3.2 percent decline. Small enterprises contributed OMR718.6 million (6.6 percent), which is 2 percent lower than the previous year. Micro enterprises showed a positive trend, with a total added value of OMR870.7 million (8 percent) – an increase of 0.7 percent.
The number of workers in active enterprises in Oman also saw growth, with a 6.4 percent increase to 1.82 million in the fourth quarter of 2023 compared to the same period in 2022. Additionally, the number of enterprises operating in Oman increased by 8.7 percent to 240,765 during the fourth quarter of 2023. This indicates a positive trend in the country’s private sector, with more businesses and employees contributing to economic growth.
Overall, the data from NCSI paints a picture of a dynamic private sector in Oman, with businesses of all sizes playing a significant role in the country’s GDP. While larger enterprises remain the primary contributors to the added value, smaller businesses are also making important contributions. The growth in the number of enterprises and employees reflects a healthy and expanding private sector, which bodes well for Oman’s economic development in the future.
In conclusion, the figures released by NCSI highlight the resilience and growth potential of Oman’s private sector, with businesses across all sizes contributing to economic prosperity. The increase in both the number of enterprises and workers indicates a positive trajectory for the country’s economy. By supporting and nurturing businesses of all sizes, Oman can further strengthen its position as a key player in the region’s economy.
