Oman's GDP at current prices in Q4 of 2023 reach OMR41.8bn

Muscat: The Gross Domestic Product (GDP) at current prices in the Sultanate of Oman at the end of the fourth quarter of 2023 (from January to December 2023) recorded a decrease of 2.8 percent to reach (at market price) OMR41.8 billion, compared to the end of the fourth quarter of 2022, during which the GDP at current prices reached OMR43 billion, according to preliminary data issued by the National Centre for Statistics and Information.

This decrease is mainly due to the drop in oil activities, which decreased by 11.9 percent to OMR14.9 billion at the end of the fourth quarter of 2023 compared to OMR16.9 billion at the end of the fourth quarter of 2022, where the contribution of oil activities reached 36 percent.

Crude oil activities declined by 14 percent to OMR12.788 billion, while natural gas activities increased by 2.4 percent to reach OMR2.183 billion.

Non-oil activities increased by 1.7 percent to OMR28.153 billion by the end of the fourth quarter of 2023 compared to OMR27.6 billion at the end of the fourth quarter of 2022.

The total industrial activities recorded OMR7.7 billion, compared to OMR8.2 billion at the end of the fourth quarter of 2022, while agriculture, forestry and fishing activities recorded OMR966 million, and service activities recorded OMR19.4 billion.

The contribution of the construction activities amounted to 7 percent, compared to 8 percent for wholesale and retail trade, 9 percent for public administration and defence, and 40 percent for other non-oil activities. -ONA