MUSCAT — Oman’s economy recorded steady growth and improved fiscal performance in 2024, with total credit and deposits rising, public debt declining, and a budget surplus achieved, according to the Central Bank of Oman’s Annual Report 2024.
Total credit increased by 6.7% to RO 32.5 billion, while total deposits grew 9.1% to RO 31.7 billion, reflecting strong banking sector liquidity and lending confidence. Broad Money (M2) expanded by 8.1%, and Narrow Money Supply (M1) surged by 18.6%, highlighting rising economic activity.
The external sector remained robust, posting a current account surplus of RO 1.18 billion, equivalent to 2.9% of GDP.
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On the macroeconomic front, Oman’s real GDP grew by 1.4% in 2024, compared to 1.6% in 2023, with inflation easing to 0.6% from 0.9%. Public debt declined to 35% of GDP, down from 37.1% a year earlier, supported by fiscal discipline and higher government revenues.
The government also recorded a budget surplus of RO 540 million, bolstered by prudent expenditure management and improved non-oil revenues.
According to the Central Bank, Oman’s credit rating outlook improved in 2024, restoring its investment-grade status, underscoring investor confidence and the country’s commitment to fiscal sustainability.
