First published: 30-Dec-2023 21:11:22

Shimaa Hefzy

Oman's gross domestic product grew by 2% by the end of the third quarter of this year, supported by the growth of the non-oil economy, according to data reported by the Oman News Agency on Saturday, from Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy.

Oman is an oil and gas exporting country, and during the past year it benefited from the rise in global energy prices following the Russian invasion of Ukraine, and the subsequent sanctions imposed by the West on Russian energy exports, while focusing on developing the non-oil sector and increasing its contribution to the gross domestic product.

According to the data provided by the agency, the added value of oil activities increased by 0.5% to represent about 34.3% of the gross domestic product, with oil production declining by 0.9%.

Non-oil activities grew at a higher rate of 2.7%, representing 68.8% of GDP, according to the data.

Al-Maawali said that there are expectations that the Omani economy will continue to grow in 2024 “by continuing to adopt flexible economic policies that respond to global changes, continuing to adopt stimulating economic policies, and working on continuous improvement in various economic procedures and legislation.”

(Prepared by: Shaimaa Hefzy, for communication: zawya.arabic@lseg.com)

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