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The National Centre for Statistics and Information reported that Oman’s GDP at constant prices rose 5.1 percent in the second quarter from a year earlier. This performance reflects the success of initiatives aimed at broadening the economic base beyond oil and gas. The growth rate exceeds some earlier forecasts and points to sustained momentum in key industries.
According to the Central Bank of Oman, the non-hydrocarbon sector expanded by approximately 5 percent during the period, offsetting a slight contraction in oil production. Manufacturing posted double-digit gains while agriculture and fishing activities also recorded solid increases. These developments align with the objectives of Oman Vision 2040, which prioritizes non-oil growth.
A World Bank assessment found that Oman’s economic growth is projected to average around 3 percent annually in the coming years as reforms take hold. The institution noted that non-oil sectors have become increasingly important, contributing close to 70 percent of GDP in recent assessments from GCC-Stat. Such trends help insulate the economy from volatile commodity prices.
Banking sector data from the Central Bank of Oman showed credit to the private sector rising more than 2 percent to substantial levels. Deposits grew by double digits, indicating confidence among households and businesses. This financial expansion supports investment in the productive sectors driving the GDP figures.
The National Centre for Statistics and Information data places the contribution of industrial activities at a growing share of the total. Construction and services have also seen notable upticks according to the statistics. These areas are expected to play larger roles as the country invests in infrastructure and tourism.
Preliminary figures from the National Centre for Statistics and Information indicate that the full-year growth for the previous year stood at around 1.7 percent. Economists cited in regional reports anticipate further acceleration if oil prices remain stable and diversification projects advance. The latest Q2 result provides an encouraging sign for the trajectory of the sultanate’s economy.
