Private enterprises in Oman continue to play a significant role in driving the country’s economy, with a total added value of about OMR8.528 billion by the end of the second quarter of 2024. According to statistics from the National Centre for Statistics and Information (NCSI), active enterprises contributed about 81 percent to the gross domestic product (GDP) at current prices during this period. This shows a slight decrease from 81.5 percent in the same quarter of 2023.
The added value of large enterprises in Oman saw a 4 percent increase, reaching OMR6.38 billion by the end of the second quarter of 2024. Medium enterprises also saw growth, with an added value of OMR642.90 million. Small enterprises contributed OMR673.30 million to the economy, with a total added value increase of 1.9 percent to OMR832 million. The number of workers in private enterprises increased by 0.5 percent to 1,781,643 workers compared to the same period in 2023.
By the second quarter of 2024, the number of enterprises in Oman had reached 252,312, marking a 10.9 percent increase compared to the same period in 2023. This reflects a growing entrepreneurial environment in the country, with more businesses contributing to the economy and providing employment opportunities for the workforce. Private enterprises continue to be a vital component of Oman’s economic landscape, driving growth and prosperity across various sectors.
The significance of private enterprises in Oman extends beyond just economic contributions. These businesses also play a crucial role in promoting innovation, creating job opportunities, and fostering a dynamic business environment. By supporting entrepreneurs and small business owners, the government can further boost economic growth and diversification in Oman.
The growth of private enterprises in Oman is a testament to the country’s commitment to fostering a business-friendly environment and supporting entrepreneurship. With increasing numbers of enterprises and workers, Oman is well-positioned to continue its economic development and attract investment. By harnessing the potential of private enterprises, the country can further enhance its competitiveness and drive sustainable growth.
Overall, the statistics released by NCSI highlight the important role that private enterprises play in Oman’s economy. With a significant added value, contribution to the GDP, and increasing number of enterprises and workers, it is evident that these businesses are a driving force behind the country’s economic development. As private enterprises continue to thrive, Oman is set to achieve further growth and prosperity in the years to come.
