Oman’s GDP grows by 1.9 percent by end of Q3
Date
12/29/2024 2:20:17 AM
(MENAFN) Oman’s GDP at constant prices grew by 1.9 percent by the end of the third quarter of this year, reaching a value of 28.14 billion riyals (approximately USD73.12 billion) at “market prices,” according to preliminary data from the National Center for Statistics and Information. This growth highlights the ongoing economic recovery and reflects the efforts to diversify the country’s Economy despite challenges in the global market.
The oil sector experienced a decline in added value, decreasing by 2.8 percent to reach 8.88 billion riyals by the end of the third quarter of 2024. Oil activities contributed around 31.6 percent to Oman’s GDP during this period, according to the Oman News Agency. Within the oil sector, crude oil activities fell by 4.1 percent, recording 7.48 billion riyals, while natural gas activities showed a positive performance, increasing by 4.7 percent to reach 1.4 billion riyals.
In contrast, non-oil activities showed strong growth, with their added value rising by 4.2 percent to reach 20.52 billion riyals by the end of the third quarter. The total value of industrial activities also increased, recording 6.22 billion riyals, which represents a growth of 5.6 percent. These figures reflect the increasing contribution of non-oil sectors to the overall economy and the effectiveness of diversification strategies.
Agriculture, forestry, and fishing activities recorded a total value of 735.7 million riyals, reflecting the sector’s steady contribution to the economy. Meanwhile, service activities, which form a significant part of the non-oil sector, amounted to 13.57 billion riyals by the end of the third quarter. These figures underline the importance of non-oil sectors in sustaining economic growth and reducing dependency on oil revenues.
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