The Sultanate of Oman’s gross domestic product (GDP) at current prices rose by 2.7% by the end of Q3 2024, reaching OMR 30.64 billion, compared to OMR 29.84 billion during the same period in 2023. The figures released by the National Centre for Statistics and Information (NCSI) highlight the contribution of oil and non-oil sectors to this growth.
The added value of oil activities increased marginally by 0.3% to OMR 10.76 billion, accounting for 35% of Oman’s GDP. Within this category, crude oil activities decreased slightly by 0.1% to OMR 9.12 billion, while natural gas activities grew by 3%, reaching OMR 1.64 billion.
Non-oil activities recorded stronger growth, expanding by 4.2% to reach OMR 20.97 billion. The industrial sector experienced a 5.4% increase, totalling OMR 6.09 billion, compared to OMR 5.78 billion in 2023. Agriculture, forestry, and fishing activities grew significantly by 9.7% to OMR 807.6 million, while service activities rose by 3.5% to OMR 14.07 billion.
Inflation trends
Oman’s inflation rate rose by 0.5% in November 2024 compared to the same month in 2023, based on the Consumer Price Index data from NCSI.
The increase was driven by higher prices in several categories, including personal goods and services (5.5%), health (3.2%), and food and non-alcoholic beverages (1.9%). Subcategories within food saw price hikes for vegetables (11%), milk, cheese, and eggs (5.4%), and fruits (4.7%). However, prices for fish and seafood declined by 10.4%, and bread and grains dropped by 0.5%.
Prices in the transportation group fell by 2.8%, while categories like housing, utilities, communications, and tobacco remained stable.
The Musandam Governorate recorded the highest inflation rate at 1.4%, followed by South Al Sharqiyah at 1.2% and Al Wusta at 0.9%. Inflation in governorates such as Muscat, Al Dhahirah, and Al Dakhiliyah stood at 0.5%. Meanwhile, South Al Batinah recorded a 0.3% decrease in inflation.
