Economy Manufacturing and agriculture drive Oman GDP growth By Chris Hamill-Stewart October 22, 2024, 2:41 PM Arab World Press via Reuters Connect An Omani date farmer. Agriculture was up almost 10% in Q2, contributing to GDP growth Omani GDP shows Q2 rise of 2.6% Non-oil growth increases 4.2% Construction has strong quarter Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released by Oman’s National Centre for Statistics and Information. Growth drivers included manufacturing, which grew by 16.7 percent in nominal terms, and agriculture, which was up 9.8 percent. The construction sector grew 6.2 percent. When adjusted for inflation, crude oil activity growth was down 4.7 percent. Oman public revenue tops $21bn as oil earnings surge Omani banking sector ripe for further mergers Oman must empower SMEs by removing banking barriers The country’s banking sector also posted a strong quarter. Credit extended from Islamic and normal banks to the private sector rose by 2.8 percent on the previous year to reach OR26.3 billion ($68.1 billion). Corporations excluding the financial sector industry and households received the lion’s share, at 44.9 and 45.2 percent, respectively. Financial corporations accounted for 6.4 percent of total credit in the private sector, while other sectors obtained 3.5 percent. In September, ratings agency S&P upgraded the sultanate’s credit rating to “BBB-” with a stable outlook, marking Oman’s return to investment-grade status after nearly seven years.
