Oman: The Sultanate of Oman has witnessed a significant surge in its gross domestic product (GDP) at current prices, reflecting a commendable growth rate. According to preliminary data released by the NCSI, the GDP soared by 7.4% to OMR10.42 billion by the close of the first quarter of 2023, in comparison to the corresponding period in 2022.
The NCSI data reveals that the GDP at current prices stood at OMR9.71 billion during the same quarter of the previous year. This impressive increase can be largely attributed to the expansion of non-oil activities, which experienced a substantial growth of 6.7%. Consequently, the value of non-oil activities reached OMR7.26 billion by the end of the first quarter of 2023, surpassing the OMR6.58 billion recorded in the first quarter of 2022.
Moreover, the industrial sector, demonstrated positive growth as well. Total industrial activities witnessed a notable increase of 4.6%, with the value reaching OMR1.92 billion in the first quarter of 2023, compared to OMR1.83 billion in the same period of the previous year.
In addition, the agriculture, forestry, and fishing sectors experienced a remarkable upswing of 8.4%, with the value rising from OMR215.70 million to OMR233.90 million. Similarly, the service activities sector witnessed a robust growth rate of 7.4%, with the value escalating from OMR4.53 billion to an impressive OMR4.86 billion.
While non-oil sectors spearheaded the overall economic progress, the oil activities sector also contributed to the positive growth trajectory. Oil activities registered a growth rate of 6.1%, culminating in a value of OMR3.58 billion by the end of the first quarter of 2023, surpassing the OMR3.37 billion recorded in the same period of 2022.
Furthermore, crude oil activities grew by 6%, reaching OMR3.84 billion, while natural gas activities experienced a slightly higher growth rate of 6.5%, resulting in a value of 500.60 million.