Oman’s gross domestic product (GDP) at constant prices is expected to grow to $102.42 billion (OMR 39.43 billion) in 2025, up from the anticipated $99.75 billion (OMR 38.39 billion) in 2024, according to a report.
The country recorded a 1.9% GDP increase, reaching $73.11 billion (OMR 28.15 billion) by the end of Q3 2024, compared to $71.85 billion (OMR 27.63 billion) a year earlier, as reported by Oman Observer, citing a Finance Ministry presentation.
Crude Oil and Fiscal Policy
The average price of crude oil in 2025 is projected to range between $70 and $80 per barrel, based on global institutional forecasts. Oil revenue continues to be a cornerstone of Oman’s fiscal strategy.
- Oil revenue rose to $23.73 billion (OMR 9.13 billion) by the end of Q3 2024, compared to $23.08 billion (OMR 8.88 billion) a year earlier.
- Non-oil revenue grew to $53.37 billion (OMR 20.53 billion) from $51.27 billion (OMR 19.71 billion) over the same period.
Budget Outlook for 2025
- Deficit: Oman projects a budget deficit of $1.61 billion (OMR 620 million) in 2025, with total spending expected to rise by 1.5% to $30.65 billion (OMR 11.8 billion).
- Debt Financing: The government plans to raise $1.95 billion (OMR 750 million) in 2025 to address the budget deficit and service public debt.
2024 Financial Performance
Preliminary results for the 2024 budget show a surplus of $1.4 billion (OMR 540 million), a reversal from the previously forecast deficit of $1.69 billion (OMR 640 million).
- Revenues: Increased by 15% to $33 billion (OMR 12.7 billion).
- Spending: Reached $31.2 billion (OMR 12 billion).
Oman’s economic outlook reflects steady growth driven by its oil sector and expanding non-oil revenues, underpinned by prudent fiscal management and higher crude prices.
