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Oman’s non-oil sector propels Q1 2024 GDP to USD 27 billion

In June, a report from OIA revealed that Oman's sovereign wealth fund experienced a 7.4% year-on-year growth, reaching 19.24 billion rials in 2023

In the first quarter of 2024, Oman’s gross domestic product increased by 0.8% year-on-year to 10.45 billion Omani rials ($27.15 billion) due to a rise in non-oil activities.

According to preliminary data from the National Centre for Statistics and Information, non-oil activities reached 7.18 billion rials by the end of the first quarter, marking a 3.9% surge compared to the same period in 2023.

These figures align with Oman’s favourable economic outlook, with an expected real growth of 1.5% in 2024, driven by increased gas production and diversification efforts.

In addition, it supports the government’s efforts to advance governance and efficiency reforms, such as the plan announced in January to boost the economy through the launch of the Future Fund Oman by the Oman Investment Authority. This plan aims to attract foreign investment and bolster investments in local small and medium-sized enterprises.

However, the data also revealed that revenue from crude oil activities amounted to 2.99 billion rials, a decrease of 4.4% compared to the same period last year.

Similarly, revenue from natural gas activities dropped 0.1% year-on-year to 524.4 million rials in the first three months of 2024.

The total industrial activities amounted to 2.18 billion rials at the end of the first quarter of 2023, compared to 1.91 billion rials.

In June, a report from OIA revealed that Oman’s sovereign wealth fund experienced a 7.4% year-on-year growth, reaching 19.24 billion rials in 2023.

The report also mentioned a 9.95% return on investment for the year, as announced in a post on X.

The increase in numbers emphasised the authority’s role in promoting economic growth and stability in the Middle Eastern country.

Additionally, the strong performance demonstrated the OIA’s strategic investment approach and effective management of its diverse portfolio.

Furthermore, the results aligned with OIA’s mission to supervise and develop the nation’s funds and assets, build financial reserves, and implement government policies aimed at advancing key economic sectors.

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