The Oman economy posted steady growth of 2.5 percent in real GDP during the first quarter of 2025, reaching approximately $24.5 billion (RO 9.43 billion) at current market prices.
This marks an improvement from $23.9 billion (RO 9.2 billion) recorded in the same period of 2024, according to the latest figures released by Oman’s National Centre for Statistics and Information (NCSI).
The Oman economy growth was primarily fueled by strong performance in the non-oil sectors, which saw a robust 4.4 percent increase in added value. Non-oil GDP rose to about $18 billion (RO 6.92 billion), compared to $17.2 billion (RO 6.63 billion) in the first quarter of 2024, highlighting the country’s ongoing efforts to diversify its economy.
In contrast, oil-related activities experienced a slight downturn, falling 0.4 percent year-on-year. The sector contributed approximately $7.6 billion (RO 2.92 billion) in the first quarter of 2025, down from $7.68 billion (RO 2.94 billion) in the same quarter of the previous year.
Breaking down the oil sector, crude oil production declined by 2.2 percent, generating $6.38 billion (RO 2.45 billion). However, natural gas production emerged as a growth area, surging 9.5 percent to approximately $1.24 billion (RO 475.3 million).
Outlook for the Oman Economy
The outlook for the Oman economy remains cautiously optimistic. Continued investment in infrastructure, digital transformation, and renewable energy projects is expected to support growth in the coming quarters. Additionally, rising tourism revenues and a stable macroeconomic environment are likely to enhance the country’s resilience against global market fluctuations.
As per the reports, the latest figures indicate Oman’s gradual shift away from oil dependency, as the country continues to invest in non-oil sectors to build a more resilient and diversified economy.
