The Sultanate of Oman is experiencing a period of remarkable growth and transformation, solidifying its position as a leading nation in the Gulf Cooperation Council (GCC). A recent report from GCC-Stat underscores this progress, revealing significant economic and social achievements coinciding with the nation’s National Day celebrations. This positive trajectory, driven by strategic diversification and investment in key sectors, paints a bright future for Oman’s development.
Economic Diversification Fuels Oman’s Growth
Oman’s commitment to reducing its dependence on oil revenue is demonstrably bearing fruit. The country is strategically shifting its economic foundations, fostering the growth of non-oil sectors. Data highlights a significant increase in the relative contribution of these sectors to the Gross Domestic Product (GDP).
Non-Oil Sector Performance
In 2024, non-oil sectors accounted for 68.2% of Oman’s GDP at current prices, a notable rise from 66.7% the previous year. This diversification is directly impacting overall economic performance. By the end of the first quarter of 2025, Oman’s GDP climbed to RO 10,530.2 million, a 4.7% increase compared to the same period in 2024 (RO 10,056.6 million). The engine of this expansion isn’t crude oil, but a robust 4.1% growth in non-oil activities, reaching RO 7,132.6 million. This demonstrates a successful implementation of Oman’s development plans and a resilient economic framework.
Trade and Financial Stability in Oman
While contributing to overall economic expansion, Oman’s trade balance has seen a slight adjustment. A surplus of RO 3,088 million was recorded by the end of June 2025, a decrease of 34.3% compared to the RO 4,697 million surplus reported during the same period in 2024. This shift doesn’t signify weakness but rather reflects the evolving trade landscape and increased import activity linked to ongoing development projects.
Furthermore, Oman’s financial sector is demonstrating strength and stability. The total assets held by commercial banks reached RO 44,500 million in 2024, a considerable jump from RO 35,800 million in 2020, representing a growth rate of 24.4%. This growth is mirrored in foreign reserve assets, which increased from RO 5,700 million in 2020 to RO 7,100 million in 2024—a 22.5% rise. This highlights the nation’s increased financial security and capacity for future investment. These figures contribute to the wider narrative of economic progress in Oman.
A Booming Tourism Sector
Recognizing the potential of tourism, Oman has invested heavily in developing the sector and establishing itself as a premier global destination. This dedication is yielding impressive results. The number of hotel establishments has nearly doubled, surging from 548 in 2020 to 1,031 in 2024—an 88.1% increase.
The influx of tourists is also substantial. Approximately 2.7 million tourists visited Oman in 2024, contributing nearly $2.6 billion USD to the economy through their expenditures. This makes tourism a vital component of Oman’s diversification strategy and further supports Oman’s economic growth.
Investing in Human Capital: Healthcare and Education
Oman’s commitment to its citizens extends beyond economic indicators. The nation prioritizes healthcare and education, recognizing them as pillars of long-term prosperity.
Healthcare Advancements
Oman now boasts 94 government and private hospitals equipped with modern facilities and staffed by highly trained medical professionals. The ratio of medical doctors to every 10,000 people stands at 21.4, demonstrating a commitment to accessible and quality healthcare.
Education as a Foundation
Investments in education are also showing significant returns. School enrollment has increased from 748.8 thousand students in the 2019/2020 school year to 897.7 thousand in 2023/2024—a growth rate of 19.9%. Importantly, youth literacy (ages 15-24) has reached an impressive 99.6% in 2024, securing a well-educated future workforce and enabling further national development.
Global Recognition: Oman’s Rising Profile
Oman’s dedication to quality of life, safety, and environmental sustainability is being recognized on the international stage. In 2025, Oman ranked fourth globally in the Quality of Life Index and also fourth in the Gallup International report for countries where people feel the safest. Moreover, it achieved first regional ranking on Numbeo’s global Pollution Index as the least polluted country, demonstrating a commitment to environmental stewardship. These accolades are testaments to the effectiveness of Oman’s policies and the overall well-being of its citizens.
In conclusion, the report from GCC-Stat delivers a compelling narrative of sustained progress and achievement in the Sultanate of Oman. Under the wise leadership of His Majesty Sultan Haitham bin Tarik, Oman’s development continues on a steady course, marked by economic diversification, financial stability, investment in human capital, and an increasing global footprint. This positive trend positions Oman for a prosperous and sustainable future, offering exciting opportunities for both its citizens and international partners. To learn more about investment opportunities in Oman, explore resources provided by the Ministry of Commerce, Industry & Investment Promotion.
