MUSCAT : His Excellency Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, said the plan has not only strengthened confidence in balanced development but also achieved key goals including near-target GDP growth, higher non-oil performance, a turnaround in public finances, and improved global credit ratings.
Between 2021 and 2024, Oman’s GDP grew by an average of 3.4 percent, close to the 3.5 percent target, while non-oil activities expanded by 4.1 percent, exceeding expectations. Oil-related growth stood at 2.3 percent, tempered by OPEC+ production limits. Public debt dropped to RO 14.1 billion, 34.1 percent of GDP by mid-2025.
Moody’s this year upgraded Oman’s sovereign rating from “Ba1” to “Baa3,” citing stronger financial management, higher efficiency in spending, and resilience in GDP growth. Foreign direct investment rose 20.6 percent in the first quarter of 2025 to RO 30.6 billion, while non-oil exports grew 9.1 percent to RO 3.3 billion during the first half of the year.
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The plan period saw the launch of flagship projects such as Sultan Haitham City and new economic zones in Al Dhahirah and Al Buraimi, alongside expanded health, education, and infrastructure programs. Private sector activity also surged, with the number of enterprises rising 9.4 percent to over 268,000, contributing RO 8.4 billion to GDP in early 2025.
Banking indicators showed strong confidence, with private deposits reaching RO 22 billion by June and total loans climbing to RO 34 billion. Employment also improved, with the Omani workforce growing 2.3 percent to 863,932 citizens by July.
HE Dr. Al Maawali noted that GDP growth is expected to reach 2.2 percent in 2025, up from 1.6 percent in 2024, supported by stronger non-oil performance and an eventual rise in oil output as OPEC+ eases restrictions. Inflation remained low at 0.81 percent in the first seven months of 2025.
The Ministry emphasized that these achievements mark the successful first phase of Oman Vision 2040. The upcoming Eleventh Five-Year Plan (2026–2030) will build on this foundation, focusing on deeper diversification, expanded investment, and enhanced sustainability to secure long-term growth and prosperity.
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