Trade sector in Oman powers ahead, fueling economic diversification and growth

Muscat: Recent statistics reveal that the trade sector’s contribution to Oman’s GDP surged to RO 18.4 billion by the end of 2023, marking an impressive 18.6% growth from RO 15.5 billion in 2020. This upward trend continued into 2024, with its contribution reaching RO 9.79 billion in the first half of the year, raising its GDP share to 46.7%, compared to 45.3% in 2023.

Wholesale and retail trade have been pivotal, contributing over RO 2.4 billion annually. From 2020 to 2023, these activities grew by 28.4%, reaching RO 3.16 billion, with further growth recorded in early 2024. Real estate activities also gained momentum, achieving a 3.4% growth in 2023 and contributing RO 560.5 million in the first half of 2024.

Director General of Commerce at the Ministry of Commerce, Industry, and Investment Promotion, Nasra bint Sultan Al Habsi, emphasized the government’s proactive role in fostering an attractive investment climate. She highlighted initiatives to streamline business procedures, boost infrastructure like ports and logistics zones, and support small and medium enterprises.
The government’s focus on diversifying non-oil sectors and advancing e-commerce is set to further bolster the sector’s performance, aligning with Oman’s vision to establish itself as a premier regional trade and investment hub.