Oman’s GDP at constant prices to grow by 2.4% in 2024

Muscat: Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, gave a visual presentation highlighting prominent global financial, economic and monetary indicators.

He shed light on the decline in global economic growth to reach 2.9 percent in 2024 and a decline in global inflation rates to 5.8 percent.

He added that the average global oil prices, according to the expectations of international agencies during 2024, are expected to reach about $81 per barrel.

The undersecretary expected that the GDP at constant prices will grow by 2.3 percent in 2023 and by 2.4 percent in 2024.

He touched on the preliminary results of the financial performance for the year 2023, which indicate achieving a financial surplus of about OMR931 million, against an estimated deficit in the state’s general budget of about OMR1.3 billion.

He explained that the state’s public revenues during 2023 rose to OMR12.213 billion, constituting an increase of about OMR2.163 billion compared to what was approved in the budget for the same year. Public spending was recorded at OMR11.282 billion.

He added that net oil revenues in 2023 grew by 29 percent to about OMR6.883 billion, while net gas revenues increased by 43 percent to reach about OMR2 billion.

Al Harthy stressed that the preliminary results of the financial performance for 2023 indicate that the government managed to reduce the public debt from OMR17.6 billion to OMR15.2 billion by paying about OMR2.4 billion, which led to saving OMR140 million from the debt servicing cost.

He explained that the net oil revenues in the 2024 budget are estimated at approximately OMR5.915 billion. The collection of net gas revenues is estimated at about OMR1.575 billion, and the collection of non-oil revenues estimated at approximately OMR3.520 billion.

The Undersecretary at the Ministry of Finance pointed out that the 2024 budget allocated about OMR1.140 billion to the development budget and projects with a developmental impact.

He added that the current expenditures in the 2024 budget are estimated at about OMR8.573 billion, constituting 73 percent of total public spending.