Oman’s GDP increases by 1.3% in Q4 to reach RO38.3bn

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Muscat: The gross domestic product (GDP) at constant prices of the Sultanate of Oman at the end of the fourth quarter of 2023 increased by 1.3% to reach (at market price) RO 38.3 billion, compared to the end of the fourth quarter of 2022, during which the GDP at constant prices reached RO 37.8 billion, according to preliminary data issued by the National Center for Statistics and Information (NCSI).

This increase is attributed to the rise in oil activities by 0.4% percent to RO 12.4 billion by the end of the fourth quarter of 2023, compared to RO 12.3 billion by the end of the fourth quarter of 2022, where the contribution of oil activities reached 33%. Crude oil activities recorded RO 10.6 billion, and natural gas activities increased by 3.1% to RO 1.8 billion.  Non-oil activities rose by 2.4% to RO 27.3 billion by the end of the fourth quarter of 2023, compared to RO 26.7 billion at the end of the fourth quarter of 2022.

The total industrial activities recorded RO 8.1 billion compared to RO 8.1 billion by the end of the fourth quarter of 2022, while agriculture, forestry and fishing activities recorded RO 830 million, and service activities recorded RO 18.4 billion.

The contribution of the construction activities amounted to 9%, compared to 8% for wholesale and retail trade, 9% for public administration and defense, and 41% for other non-oil activities.

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