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Times of Oman
2 days ago
- Business
- Times of Oman
Traded value of real estate deals in Oman hit OMR1.11bn by May 2025
Muscat: The total value of real estate transactions in the Sultanate of Oman fell by 10 percent reaching OMR1.11 billion by the end of May 2025 compared to OMR1.23 billion during the same period in 2024. Data released by the National Centre for Statistics (NCSI) and Information showed a 13.5 percent increase in fees collected for all legal transactions, reaching OMR30.9 million, compared to OMR27.2 million during the same period last year. Value of sales contracts. The traded value of sales contracts also increased by 17.3 percent to reach OMR536.3 million by the end of May 2025 compared to OMR457.2 million during the same period in 2024. In contrast, the number of sales contracts decreased by 2.6 percent to 27,302 compared to 28,023 during the same period last year. On the other hand, the traded value of mortgage contracts decreased by 26.1 percent reaching approximately OMR572.70 million for 9,140 contracts compared to OMR774.50 million for 8,596 contracts by the end of May 2024. As for swap contracts, they also witnessed a decline, with 538 contracts traded worth OMR4.6 million by the end of May 2025 compared to 583 contracts worth OMR5.2 million during the same period in 2024. The number of real estate properties issued witnessed a slight increase of 0.2 percent, reaching 94,414 properties by the end of May 2025 compared to 94,194 properties during the same period in 2024. The number of properties issued to citizens of the Gulf Cooperation Council (GCC) countries saw a substantial increased by 24.4 percent reaching 657 properties by the end of May 2025 compared to 528 properties by the end of May 2024.
Economy ME
07-07-2025
- Business
- Economy ME
Oman's real GDP expands 2.5 percent to $24.52 billion in Q1 2025
Oman's economy demonstrated a consistent growth of 2.5 percent in real GDP by the end of Q1 2025, reaching OMR9.43 billion ($24.52 billion) at market prices—an increase from OMR9.2 billion during the same timeframe in 2024, as reported by Oman's National Centre for Statistics and Information. This rise in GDP was primarily fueled by robust performance in non-oil sectors, which experienced a 4.4 percent increase in added value, climbing to OMR6.92 billion compared to OMR6.63 billion in Q1 2024. In contrast, oil activities experienced a slight decline of 0.4 percent, contributing OMR2.92 billion in Q1 2025, down from OMR2.94 billion the previous year. Crude oil production decreased by 2.2 percent to OMR2.45 billion, while natural gas production emerged as a positive factor, soaring 9.5 percent to OMR475.3 million. IMF hails Oman's economic policies Oman recorded a budget surplus of 6.2 percent and a current account gain of 2.4 percent in 2024, driven by prudent fiscal policies, elevated oil prices, and growth in nonhydrocarbon exports. In its 2024 Article IV consultation, the International Monetary Fund attributed these outcomes to effective economic management. Despite increased social spending under a new protection law, the nonhydrocarbon primary deficit as a share of nonhydrocarbon gross domestic product remained stable, underscoring the government's commitment to financial discipline. Government debt as a percentage of GDP further declined, reaching 35 percent in 2024, reflecting ongoing improvements in Oman's economic fundamentals. Read more: Oman government Treasury bills issuance reaches $101.4 million Oman's average inflation rate The Sultanate of Oman experienced an average inflation rate of 0.81 percent during the initial five months of 2025 compared to the same period last year, according to the Consumer Price Index data released by the Ministry of Economy. The report highlighted a 1.3 percent rise in the general import price index and a 4.1 percent increase in the producer price index by the end of the first quarter of 2025 compared to the corresponding period in 2024. Geographical distribution revealed varied inflation rates across governorates, with South Al Batinah recording a slight decline of 0.04 percent, while A'Dakhiliyah saw the highest rate at 1.58 percent, followed closely by Musandam at 1.51 percent and South A'Sharqiyah at 1.24 percent. More moderate increases were observed in North A'Sharqiyah (0.21 percent) and North Al Batinah (0.42 percent), with other governorates remaining below one percent. Dr. Salim Abdullah Al-Sheikh, official spokesperson for the Ministry of Economy , indicated that the moderation in consumer price inflation was influenced by falling prices in the food and non-alcoholic beverages category, along with stable costs for housing, water, electricity, gas, and fuel. These categories account for over half of the consumer price index weight in Oman. To enhance food security, Oman has established over 80 markets, slaughterhouses, and kiosks since 2021 under its governorates development program, he elaborated. Meanwhile, the FAO Food Price Index noted a year-on-year increase of 7.2 points (6.0 percent) in May 2025 compared to the same month last year. On a monthly basis, the index averaged 127.7 points in May 2025, reflecting a slight decline of 1.0 point (0.8 percent) from April 2025. This fluctuation was driven by rising prices in dairy and meat products, while cereals, sugar, and vegetable oils saw price reductions.
Zawya
07-07-2025
- Business
- Zawya
Oman's GDP grows by 2.5% at constant prices in Q1 2025
Muscat: Oman's gross domestic product (GDP) at constant prices recorded a growth of 2.5% by the end of the first quarter of 2025, reaching OMT 9.43 billion at market price. This reflects an increase from the OMR 9.20 billion recorded during the same period in 2024. Preliminary data released by the National Centre for Statistics and Information attributes this growth primarily to a 4.4% rise in non-oil activities, which contributed 6.92 billion rials by the end of Q1 2025, compared to OMR 6.63 billion during the same quarter of the previous year. According to the statistics, agricultural and fishing activities grew by 7.6%, contributing OMR 273.6 million to the GDP. Industrial activities saw a 7% increase, amounting to a contribution of OMR 2.03 billion, while services grew by 3.2%, contributing a total of OMR 4.62 billion. On the other hand, oil-related activities witnessed a decline of 0.4%, reaching OMR 2.92 billion at the end of Q1 2025, down from OMR 2.94 billion during Q1 2024. Crude oil production decreased by 2.2%, recording a contribution of OMR 2.45 billion. Meanwhile, natural gas activities experienced significant growth of 9.5%, contributing OMR 475.3 million to the GDP. © Muscat Media Group Provided by SyndiGate Media Inc. (
Zawya
07-07-2025
- Business
- Zawya
Oman's economy grows 2.5% in Q1 2025
MUSCAT: Oman's economy posted a steady 2.5% growth in real GDP by the end of Q1 2025, reaching RO 9.43 billion at market prices—up from RO 9.2 billion during the same period in 2024,according to data released by Oman's National Centre for Statistics and Information. The uptick in GDP was largely driven by strong performance in non-oil sectors, which saw a 4.4% increase in added value, reaching RO 6.92 billion compared to RO 6.63 billion in Q1 2024. Meanwhile, oil activities saw a marginal decline of 0.4%, contributing RO 2.92 billion in Q1 2025, down from RO 2.94 billion a year earlier. Crude oil production slipped by 2.2% to RO 2.45 billion, while natural gas production provided a bright spot, surging 9.5% to RO 475.3 million.
Arabian Business
06-07-2025
- Business
- Arabian Business
Oman GDP grows 2.5% in Q1 2025 reaching $24.5bn
Oman 's economy expanded by 2.5 per cent in the first quarter of 2025, with real GDP reaching RO 9.43 billion at market prices, according to data from the National Centre for Statistics and Information. The figure represents an increase from RO 9.2 billion recorded during the same period in 2024, marking growth across multiple sectors of the sultanate's economy, WAM reported. Oman non-oil sectors drive 4.4% growth in first quarter of 2025 Non-oil sectors led the expansion, posting a 4.4 per cent increase in added value to reach RO 6.92 billion in Q1 2025, compared to RO 6.63 billion in the corresponding quarter of 2024. Oil activities experienced a decline of 0.4 per cent, contributing RO 2.92 billion to the economy in Q1 2025, down from RO 2.94 billion in the previous year's first quarter. Crude oil production fell by 2.2% to RO 2.45 billion during the period under review. However, natural gas production provided a counterbalance, increasing by 9.5 per cent to RO 475.3 million. The National Centre for Statistics and Information released the data as part of its quarterly economic assessment, highlighting the diversification efforts within Oman's economy. The growth figures demonstrate the increasing contribution of non-oil sectors to the country's economic output, whilst traditional energy sectors showed mixed performance. Natural gas production emerged as a growth driver within the energy sector, offsetting some of the decline seen in crude oil output during the three-month period.
