MUSCAT: Oman’s gross domestic product (GDP) at current prices declined 2.0 percent year-on-year to RO10.293 billion at the end of the first quarter of 2026, as a sharp contraction in oil-related activities outweighed continued growth across non-oil sectors, according to preliminary data released by the National Centre for Statistics and Information (NCSI).

GDP stood at RO10.501 billion in the corresponding period of 2025. The decline was largely driven by a 11.7 percent drop in oil activities, whose contribution fell to RO3.229 billion from RO3.656 billion a year earlier.

The value of crude oil activity declined 12.6 percent to RO2.407 billion, compared with RO2.754 billion in the first quarter of 2025, while natural gas activity fell 8.9 percent to RO821.9 million from RO902.3 million.

In contrast, non-oil activities expanded 5.9 percent, rising to RO7.463 billion from RO7.045 billion in the same period last year, underscoring the continued momentum of Oman’s economic diversification efforts.

Agriculture and fisheries activity grew 4.7 percent to RO359.1 million, up from RO343 million, while industrial activities remained broadly stable, edging down 0.1 percent to RO1.957 billion from RO1.959 billion.

The services sector continued to be the main driver of non-oil growth, expanding 8.5 percent to RO5.147 billion from RO4.742 billion in the first quarter of 2025. Growth was supported by strong performance in financial intermediation and insurance activities, which surged 25.4 percent, as well as other services, up 10.7 percent. Information and communications activities increased 8.3 percent, while professional, scientific, technical and administrative services rose 8.2 percent.

The figures highlight the resilience of Oman’s non-oil economy despite continued pressure on hydrocarbon-related revenues, with services and knowledge-based sectors recording some of the strongest growth rates during the quarter.