Oman: The latest official data reveals that Oman’s economy remains strong and continues to excel within the Gulf region, showcasing remarkable growth. In the first quarter of 2023, the Sultanate’s GDP reached an impressive 8.7 billion Omani rials ($22.6b) at constant prices.
According to Oman’s NCSI, the GDP witnessed 4.7% increase compared to the same period last year. This growth recorded a significant 4.6% year-on-year increase, amounting to 6.07 billion rials during the first quarter of 2023.
In addition to the non-petroleum sector, petroleum activities also contributed to the country’s economic expansion, with a growth rate of 3.5% during the same period, reaching 2.8 billion rials.
When evaluated at the current price, Oman’s GDP exhibited an impressive 7.4% year-on-year increase during the first quarter, reaching a value of 10.4 billion rials.
Moreover, the report pointed out that the country’s revenues experienced a notable 4% year-on-year increase, reaching 4.39 billion rials. Simultaneously, Oman’s public spending also witnessed growth, rising by 3% to a total of 3.87 billion rials.
In terms of international trade, Oman observed a marginal 0.9% year-on-year increase in merchandise exports in March, totalling 5.5 billion rials.
While Oman’s oil production saw a slight uptick of 1.7% year on year in the first quarter, oil and gas exports experienced a decline of 5.7%.
According to a report by the World Bank, the Sultanate is projected to be the fastest-growing economy among the six GCC countries in 2023.
“In the GCC, growth is expected to slow to 3.2% in 2023 and 3.1% in 2024. This comes after the GCC grew 7.3% in 2022”, stated the report.
Oman’s economy is expected to grow by 4.3%, outpacing its GCC counterparts such as the UAE with a growth rate of 3.6%, Qatar at 3.3%, Bahrain at 3.1%, and Saudi Arabia at 2.9%.