Oman’s GDP sees 2.7% growth, reaches RO 30.6 billion in Q3 2024

MUSCAT : Reaching a total of RO 30 billion and 642 million, this marks a rise from the previous year when GDP stood at RO 29 billion and 845 million. The data from the National Centre for Statistics and Information forecasts positive economic momentum.

The oil sector, which continues to play a significant role in the economy, showed a modest increase of 0.3%, contributing RO 10 billion, 766 million, and 200 thousand to the overall GDP. Despite a slight dip in crude oil activities, which saw a 0.1% decrease to RO 9 billion, 120 million, natural gas activities rose by 3%, contributing RO 1 billion, 645 million, and 900 thousand.
In contrast, the non-oil sector displayed more robust growth, with a 4.2% increase, totaling RO 20 billion, 974 million, and 900 thousand by the end of the third quarter. This growth was driven by a significant 5.4% rise in industrial activities, which reached RO 6 billion, 95 million, and 400 thousand. Service activities also saw positive growth, rising 3.5% to reach RO 14 billion, 71 million, and 800 thousand.
Agriculture, forestry, and fishing recorded a remarkable 9.7% growth, bringing in RO 807 million, 600 thousand, signaling a strong performance in Oman’s non-oil industries.