Oman’s non-oil sector drives GDP to $27bn in Q1 2024

A rise in Oman’s non-oil activities boosted the country’s gross domestic product by 0.8 percent year-on-year to 10.45 billion Omani rials ($27.15 billion) in the first quarter of 2024.

Preliminary data from the National Centre for Statistics and Information showed that non-oil activities recorded a value of 7.18 billion rials at the end of the first quarter, reflecting a 3.9 percent surge compared to the same period in 2023.

This aligns with Oman’s economic outlook, which remains favorable, with real growth expected to reach 1.5 percent in 2024, driven by increased gas production and diversification efforts.

Additionally, it supports the government’s efforts to advance governance and efficiency reforms, such as the plan announced in January to boost the economy through the launch of the Future Fund Oman by the Oman Investment Authority. This plan aims to attract foreign investment and bolster investments in local small and medium-sized enterprises.

However, the data also revealed that crude oil activities amounted to 2.99 billion rials, a decrease of 4.4 percent compared to the same period last year.

Similarly, natural gas activities dropped 0.1 percent year-on-year to 524.4 million rials in the first three months of 2024.

Furthermore, total industrial activities recorded 2.18 billion rials, compared to 1.91 billion rials at the end of the first quarter of 2023.

In June, a report from OIA indicated that Oman’s sovereign wealth fund saw its total assets grow by an estimated 7.4 percent year-on-year, reaching 19.24 billion rials in 2023.

The report noted a 9.95 percent return on investment for the year, as announced in a post on X.

The rise in numbers highlighted the authority’s role in driving economic growth and stability within the Middle Eastern country.

Moreover, the robust performance reflected the OIA’s strategic investment approach and effective management of its diverse portfolio.

Furthermore, the results were in line with OIA’s mission to oversee and develop the nation’s funds and assets, build financial reserves, and implement government policies aimed at advancing key economic sectors.