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Oman’s GDP grows 1.9% in Q3 2024, fuelled by non-oil sector boost

Oman’s Gross Domestic Product (GDP) at constant prices grew by 1.9% by the end of the third quarter of 2024, reaching RO 28.15 billion, compared to RO 27.63 billion during the same period in 2023

TAS News Service

info@thearabianstories.com

Saturday, December 28, 2024

Muscat: The increase was driven by a robust performance in non-oil activities, which rose by 4.2% to RO 20.53 billion, up from RO 19.71 billion a year earlier. Key contributors included industrial activities, which grew to RO 6.22 billion from RO 5.89 billion, and service activities, which reached RO 13.57 billion. Agriculture, forestry, and fishing also recorded steady growth, contributing RO 735.7 million.

Meanwhile, the oil sector faced a decline, with its value-added contribution dropping by 2.8% to RO 8.88 billion. Crude oil activities fell by 4.1% to RO 7.48 billion, while natural gas activities showed resilience, rising by 4.7% to RO 1.4 billion. Overall, oil activities accounted for 31.6% of the GDP.

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