The Sultanate of Oman’s gross domestic product (GDP) showed a 1.7 percent increase at constant prices, reaching OMR9,537.0 million at the end of the first quarter of 2024. This is compared to OMR9,373.9 million at the same period in 2023, according to data from the National Centre for Statistics and Information (NCSI). Crude petroleum activities saw a decrease of 3.3 percent to OMR2,554.9 million, while natural gas activities increased by 3 percent to OMR437.1 million. On the other hand, non-oil activities increased by 4.5 percent to OMR6,803.3 million in the first quarter of 2024, compared to OMR6,511.7 million in the first quarter of 2023.
In terms of specific sectors, industrial activities reached OMR1,988.1 million by the end of the first quarter of 2024, compared to OMR1,881.7 million in the same period in 2023. Agriculture, forestry, and fishing activities recorded OMR219 million, while service activities reached OMR4,596.2 million. This shows a diversified economy in Oman, with growth observed across various sectors contributing to the overall GDP increase. The increase in non-oil activities highlights the country’s efforts to reduce its dependence on oil revenues and diversify its economy.
The growth in non-oil activities is a positive sign for Oman’s economy, as it shows progress in sectors beyond oil and gas. With industries, agriculture, and services all showing growth, the Sultanate is moving towards a more balanced and sustainable economy. This diversification is crucial for the long-term stability and growth of the country, reducing its vulnerability to fluctuations in oil prices and global demand. By strengthening these sectors, Oman can create more job opportunities, increase productivity, and attract foreign investment.
The increase in industrial activities, agriculture, and services indicates a growing economy with potential for further development. This growth can stimulate job creation and improve living standards for the people of Oman. By investing in these sectors and promoting innovation and entrepreneurship, the government can continue to drive economic growth and reduce reliance on oil revenues. With a strategic focus on non-oil activities, Oman can enhance its competitiveness and position itself as a thriving economy in the region.
Overall, the data on Oman’s GDP for the first quarter of 2024 reflects a positive trend towards economic diversification and growth. The increase in non-oil activities, along with growth in various sectors, demonstrates the country’s resilience and potential for sustainable development. By continuing to focus on diversifying its economy, investing in key sectors, and promoting innovation, Oman can further strengthen its position in the global market. With a diversified economy and sustained growth, the Sultanate of Oman is well-positioned for a prosperous future.
