MUSCAT: Standard & Poor’s Global Rating agency (S&P) has raised Oman’s credit rating to BB with a stable outlook due to the financial and economic initiatives and measures taken for sustainability, in addition to the improvement in oil prices.

In a report issued on Saturday, the agency said the measures taken by the government will contribute to strengthening the financial position of the Sultanate for the current and next year, as the agency expects that the average oil prices will reach about $100 per barrel during this year, and $85 per barrel in 2023.

The agency confirmed that the rise in production and oil prices and the increase in the pace of investment projects contributed to the growth of the Omani economy. “The growth of the gross domestic product at constant prices of 3% in 2021, and its rise to about 3.9% in 2022,” S&P said in the report.

“The average growth rate of GDP at constant prices will reach about 2.2 percent during the period 2023-2025. It also expects the non-oil sector to grow at an average of 2% during the period 2024-2025, compared to a growth of about 1.8% in 2022.,” the report stated.