Oman’s GDP at current prices tops OMR41bn

Non-oil activities rose by 1.7 percent to OMR28.15 billion by the end of the fourth quarter of 2023 compared to OMR27.6 billion by the end of the fourth quarter of 2022

The Gross Domestic Product (GDP) in the Sultanate of Oman at current prices decreased by 2.8 percent to reach OMR41.8 billion (at market price) at the end of the fourth quarter of 2023 (from January to December 2023). At the end of the fourth quarter of 2022 the GDP at current prices had reached OMR43 billion, according to preliminary data issued by the National Centre for Statistics and

Information (NCSI).

This decrease is mainly due to the drop in oil activities, which fell by 11.9 percent to OMR14.9 billion at the end of the fourth quarter of 2023 compared to OMR16.9 billion at the end of the fourth quarter of 2022. The contribution of oil activities reached 36 percent.

Crude oil activities declined by 14 percent to OMR12.788 billion, while natural gas activities increased by 2.4 percent to reach OMR2.183 billion.

Non-oil activities increased by 1.7 percent to OMR28.153 billion by the end of the fourth quarter of 2023 compared to OMR27.6 billion at the end of the fourth quarter of 2022.

The total industrial activities reached OMR7.7 billion by the end of the fourth quarter of 2023 compared to OMR8.2 billion at the end of the fourth quarter of 2022. Agriculture, forestry and fishing activities amouinted to OMR966 million and service activities amounted to OMR19.4 billion.

The contribution of the construction activities amounted to 7 percent, compared to 8 percent for wholesale and retail trade, 9 percent for public administration and defence, and 40 percent for other non-oil activities.