Oman’s GDP growth fueled by soaring oil activities

Oman's GDP increased 4.3% to OMR36.10 bn
Oman GDP
Oman's GDP grew by 4.3% in 2022

According to Oman’s National Centre for Statistics and Information’s (NCSI) second edition of the ‘Quarterly National Accounts Indicators’ report, the Sultanate of Oman’s gross domestic product (GDP) at fixed prices increased by 4.3% to 36.10 billion Omani riyals (OMR) at the end of December 2022, compared to the same period in 2021. The growth in oil activities by 10.2% at fixed prices at the end of 2022 compared to the same period in 2021 has been attributed to this rise in GDP.

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The report also indicated that the increase in GDP was due to the rise in activities of mining and utilization of quarries by 10.5%, while construction activities declined by 23.2% in 2022 compared to the same period in 2021, being the lowest among economic activities.

Furthermore, at current prices, the Sultanate of Oman’s GDP recorded an increase of 30% to OMR44.1 billion at the end of December 2022 compared to the same period in 2021. The surge in oil activities at the end of 2022 at current prices by 61.60% compared to the corresponding period in 2021 was the highest among economic activities and contributed to the growth of the activities of converting industries by 49.60% during the same period. The per capita GDP of the Sultanate of Oman for 2022 at current prices amounted to OMR8,936.

Earlier this month, Fitch Ratings revised Oman’s rating to “Positive” from “Stable” with the rating affirmed at “BB,” reflecting a decline in government debt to GDP, with higher oil prices and spending consolidation reducing external liquidity risks.

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