Oil Drives Oman's 5.1% GDP Growth | AI-Generated Image

Oil Drives Oman’s 5.1% GDP Growth in Second Quarter of 2026

NewsDesk
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Financial Arabia NewsDesk is the desk responsible for Financial Arabia's daily news coverage, monitoring and reporting developments across the Gulf from official sources, including national news...

The National Centre for Statistics and Information reported that the sultanate’s gross domestic product at constant prices reached RO9.889 billion in the three months to June. This represented a 5.1 percent increase from RO9.405 billion in the corresponding period of 2025. The centre’s preliminary data also showed real GDP grew 3.0 percent in the first quarter of the year.

According to the National Centre for Statistics and Information, petroleum activities expanded 14.7 percent to RO3.413 billion in the second quarter from RO2.976 billion a year earlier. Within that category, crude oil activity rose 15.2 percent to RO2.874 billion while natural gas activity advanced 11.7 percent to RO539.1 million. The centre’s figures indicated these gains aligned with broader production increases across the hydrocarbon sector.

The National Centre for Statistics and Information placed non-petroleum GDP at RO6.922 billion in the period, a 0.7 percent rise from RO6.877 billion in the same quarter of 2025. Services activity grew 1.5 percent to RO4.652 billion, supported by financial and insurance activities along with wholesale and retail trade. Agriculture and fishing output stood at RO325 million, up 2.3 percent from RO317.8 million a year earlier.

Industrial activities contracted 1.5 percent to RO1.945 billion during the second quarter, NCSI data indicated. Construction posted a 4.6 percent decline even as mining and quarrying recorded 6.2 percent growth. The centre’s breakdown illustrated the mixed results within non-oil segments of the economy.

The National Centre for Statistics and Information placed the value of GDP at current prices at RO12.9 billion for the second quarter of 2026. This contrasts with the constant price measure used to calculate the 5.1 percent real growth rate. The centre compiles the national accounts from administrative records supplied by government units and private establishments.

Oman’s total oil production rose 11.3 percent year-on-year to nearly 234 million barrels during the first seven months of 2026, according to the National Centre for Statistics and Information. The centre noted the rise reflected higher crude output and sustained export operations. Such production statistics contribute to the quarterly GDP calculations published by the authority.

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Financial Arabia NewsDesk is the desk responsible for Financial Arabia's daily news coverage, monitoring and reporting developments across the Gulf from official sources, including national news agencies and government communications. Its focus is accurate, timely and factual coverage of the region.