Latest news with #RO38.3bn
Muscat Daily
4 days ago
- Business
- Muscat Daily
Oman's economy to grow 2.2% in 2025: Ministry
By OUR CORRESPONDENT Muscat – Oman's real GDP is expected to grow by 2.2% in 2025, up from 1.7% in 2024, according to the Ministry of Economy's latest Economic Forecasts 2025 report. The projection marks the final year of the sultanate's tenth five-year development plan (2021-25). The ministry's Economic Modeling and Forecasting Team estimates GDP at constant prices will rise from RO38.3bn in 2024 to RO39.2bn by end-2025, supported by gains in both oil and non-oil activities. Oil activities are forecast to rebound, growing 1.3% in 2025 after a 3% decline in 2024. The contribution of the oil sector to GDP is projected to increase slightly, from RO11.9bn to about RO12bn. Non-oil sectors, meanwhile, are expected to grow at a slower pace of 2.7%, down from 3.9% last year. Their total value added is forecast to rise to OMR28.6bn, compared to OMR27.9bn in 2024. The ministry also expects inflation to remain contained. The consumer price index is forecast to rise by 1.3% in 2025, compared to 0.6% in the previous year. The increase remains within the target range of the five-year plan, supported by continued government subsidies on essential goods and services.
Zawya
26-03-2025
- Business
- Zawya
Oman's real GDP grew by 1.7% in 2024
Muscat: Oman's real GDP – gross domestic product at constant prices – increased by 1.7% to RO38.3bn for the full year 2024, compared to RO37.6bn recorded in the previous year, according to preliminary data issued by the National Centre for Statistics and Information (NCSI). The value of oil activities decreased by 3.0%, recording RO11.8bn in 2024, compared to RO12.2bn in 2023, the data showed. The contribution of oil and gas activities to the sultanate's GDP reached 29.0% last year. The value added of oil activities totalled RO9.973bn, a decrease of 3.0%, while natural gas activities increased by 5.4% to RO1.837bn, according to the NCSI data. The value of non-oil activities increased by 3.9%, reaching RO27.869bn in 2024, compared to RO26.834bn recorded in the previous year. Industrial sector activity recorded a robust growth in 2024. The total value added of industrial activities amounted to RO8.395bn, compared to RO7.993bn in 2023. Agriculture, forestry, and fishing activities accounted for RO987.4mn, while service activities contributed RO18.486bn. Construction activity accounted for 9.0%, followed by wholesale and retail trade (8.0%), public administration and defence (9.0%), and other non-oil activities (45.0%). Oman's economic growth is expected to gain momentum in 2025-2026, with a projected average expansion of 3.0%, driven by ongoing government reforms and growing investment in non-oil sectors, according to the World Bank. In its latest Gulf Economic Update, the World Bank revised its outlook for the sultanate, noting that GDP growth was likely to slow in 2024, largely due to the continued extension of voluntary oil output cuts by OPEC+. Despite this, the bank forecasts that Oman's economic performance will improve in subsequent years, buoyed by higher oil production and sustained progress in diversifying the economy away from hydrocarbons. 'Oman's overall GDP growth is projected to pick up over 2025-2026, averaging 3.0%, underpinned by increasing oil output alongside structural reforms and investments in non-oil sectors,' the World Bank said. 'This sets the stage for higher non-oil growth in the medium term.' © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
25-03-2025
- Business
- Muscat Daily
Oman's real GDP grew by 1.7% in 2024
Muscat – Oman's real GDP – gross domestic product at constant prices – increased by 1.7% to RO38.3bn for the full year 2024, compared to RO37.6bn recorded in the previous year, according to preliminary data issued by the National Centre for Statistics and Information (NCSI). The value of oil activities decreased by 3.0%, recording RO11.8bn in 2024, compared to RO12.2bn in 2023, the data showed. The contribution of oil and gas activities to the sultanate's GDP reached 29.0% last year. The value added of oil activities totalled RO9.973bn, a decrease of 3.0%, while natural gas activities increased by 5.4% to RO1.837bn, according to the NCSI data. The value of non-oil activities increased by 3.9%, reaching RO27.869bn in 2024, compared to RO26.834bn recorded in the previous year. Industrial sector activity recorded a robust growth in 2024. The total value added of industrial activities amounted to RO8.395bn, compared to RO7.993bn in 2023. Agriculture, forestry, and fishing activities accounted for RO987.4mn, while service activities contributed RO18.486bn. Construction activity accounted for 9.0%, followed by wholesale and retail trade (8.0%), public administration and defence (9.0%), and other non-oil activities (45.0%). Oman's economic growth is expected to gain momentum in 2025-2026, with a projected average expansion of 3.0%, driven by ongoing government reforms and growing investment in non-oil sectors, according to the World Bank. In its latest Gulf Economic Update, the World Bank revised its outlook for the sultanate, noting that GDP growth was likely to slow in 2024, largely due to the continued extension of voluntary oil output cuts by OPEC+. Despite this, the bank forecasts that Oman's economic performance will improve in subsequent years, buoyed by higher oil production and sustained progress in diversifying the economy away from hydrocarbons. 'Oman's overall GDP growth is projected to pick up over 2025-2026, averaging 3.0%, underpinned by increasing oil output alongside structural reforms and investments in non-oil sectors,' the World Bank said. 'This sets the stage for higher non-oil growth in the medium term.'
