- Oman’s GDP grew by 2.6% in Q2.
- Non-oil sector saw a 4.2% increase.
- Construction industry posted strong gains.
Oman’s economy continues to grow, with non-oil sectors driving much of the expansion. In Q2 2024, Omani GDP at current prices rose by 2.6%, with real GDP seeing a 1.9% increase. The non-oil sector, in particular, experienced notable growth of 4.2%, according to data from the National Centre for Statistics and Information.
Key contributors to this growth included manufacturing, which surged by 16.7% in nominal terms, and agriculture, which expanded by 9.8%. The construction sector also recorded a 6.2% rise. In contrast, crude oil activities contracted by 4.7% when adjusted for inflation.
Oman’s banking sector also saw positive momentum, with credit extended by both Islamic and conventional banks to the private sector increasing by 2.8% year-on-year, reaching OMR 26.3 billion ($68.1 billion). The majority of this credit went to corporations outside the financial sector and households, which accounted for 44.9% and 45.2%, respectively.
Additionally, in September 2024, S&P Global upgraded Oman’s credit rating to “BBB-” with a stable outlook, restoring the country to investment-grade status after nearly seven years.
