Oman’s Gross Domestic Product (GDP) has reached RO 10.4 billion ($27 billion) during Q1 2024, showcasing growth in non-petroleum sectors and a decline in oil-related activities, according to data released by the National Centre for Statistics and Information (NCSI).
Rise in the non-oil economy
The report highlighted how non-petroleum activities exhibited robust growth in the first quarter of the year, increasing by 3.9% from RO 6,920.0 million in Q1 2023 to RO 7,188.5 million in Q1 2024.
These numbers were driven by growth in key sectors such as agriculture and fishing (3.2%), service activities (3.35%) and industrial activities (5.5%). Within the latter, the manufacturing sector saw the highest growth at 7.9%, while refined petroleum products recorded a significant 53.6% surge.
The construction sector also saw growth of 2.6%, reaching RO 662.4 million, while public administration and defence increased by 6.6% to RO 1,018.2 million. The education and health sectors notched up gains of 6.1% and 4.7%, respectively.
In contrast, accommodation and food services suffered a downturn, decreasing by 16.3%, while information and communications dropped by 9.9%. Oman’s financial and insurance activities slightly declined by 2.1% in the first quarter of the year.
The oil sector
Oman recorded a 3.8% decrease in the added value of oil activities during Q1 of 2024, compared to the same period in 2023.
Total petroleum activities fell in value from RO 3,660.5 million in Q1 2023 to RO 3,520.5 million in Q1 2024. Crude oil experienced a 4.4% drop, from RO 3,135.5 million to RO 2,996.0 million, while natural gas marginally decreased by 0.1%, from RO 525.0 million to RO 524.4 million. The data highlighted the ongoing challenges in the oil sector amidst fluctuating global oil prices.