MUSCAT: Oman’s economy maintained steady growth in 2024, supported by a strong performance in non-petroleum activities, despite a decline in oil sector revenues and foreign direct investment flows, according to the latest Economics Brief issued by the Ministry of Economy.

The country’s gross domestic product (GDP) at constant prices reached RO 28.15 billion by the end of the third quarter of 2024, reflecting a 1.86 per cent growth. Non-oil activities drove the expansion, growing 4.17 per cent to RO 20.53 billion, while petroleum activities contracted 2.76 per cent to RO 8.88 billion, highlighting continued volatility in the oil sector.

The inflation rate averaged 1.0 per cent between January 2024 and January 2025, indicating stable consumer prices.

Foreign direct investment (FDI) stock in Oman stood at RO 26.68 billion, up 16.18 per cent by the end of Q3 2024. However, FDI inflows dropped 22.94 per cent to RO 3.72 billion, reflecting weaker investor sentiment.

Oman’s average oil price fell 12.8 per cent to $72.5 per barrel as of January 2025, adding pressure to government revenues.

Trade data showed a mixed performance: The trade balance declined 3.38 per cent to RO 7.52 billion by the end of 2024; merchandise imports rose 12.09 per cent to RO 16.71 billion; and non-oil Omani exports dropped 16.26 per cent to RO 6.23 billion.

The latest figures highlight Oman’s progress in diversifying its economy, with non-petroleum activities emerging as a key driver of growth. However, the decline in FDI inflows and non-oil exports underscores the need to attract more foreign capital and strengthen trade partnerships.

As Oman continues its Vision 2040 strategy, investments in logistics, manufacturing and tourism are expected to play a crucial role in sustaining long-term economic stability.

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