Key sectors revealed as trade powers Oman’s GDP growth

MUSCAT : The latest figures from the Ministry of Commerce, Industry, and Investment Promotion showcase steady growth across key sectors, reflecting robust economic activity and strategic diversification efforts.

In 2020, trade sector activities contributed RO 15.5 billion to the GDP, climbing steadily to RO 17.1 billion in 2021 and RO 18.5 billion in 2022. Despite a slight dip to RO 18.4 billion in 2023, the first half of 2024 has already recorded RO 9.7 billion, highlighting sustained economic momentum.

Breaking down sector-specific data:
Wholesale and Retail Trade Activities: This sector accounted for RO 1,728.2 million in the first half of 2024, growing from RO 3,165.7 million in 2023. However, the highest figure was recorded in 2022 at RO 3,254.9 million, with RO 2928.6 million in 2021 and RO 2464.5 million in 2020.

Real Estate Activities: In the first half of 2024, real estate contributed RO 560.5 million, continuing its steady performance from RO 1,060.3 million in 2023. The figures recorded were RO 1025 million in 2022, RO 2096.7 million in 2021 and RO 1630.8 million in 2020.

Other Activities: A major contributor, this category surged to RO 7,503.7 million in the first half of 2024, following RO 14,228.8 million in 2023, RO 14,254.5 million in 2022, RO 12,108.1 million in 2021 and RO 11,468.4 million in 2020, reflecting ongoing diversification.

Service Activities: Service sectors dominated, contributing RO 9,792.4 million in the first half of 2024, a strong continuation from RO 18,454.8 million in 2023. In 2022, the numbers were RO 18,534.4 million; in 2021 and 2020, the figures recorded were 17,133.4 and 15,563.7 million, respectively.

The data underscores Oman’s dedication to strengthening trade and services, driving sustainable growth in line with Vision 2040 objectives.