Oman’s GDP projected to reach $102bn in 2025

Oman News Agency

Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024, according to a media report.

The Sultanate recorded a GDP increase of 1.9 percent to OR28.15 billion by the end of the third quarter of 2024, compared to OR27.63 billion a year ago, Oman Observer reported citing a finance ministry’s budget 2025 presentation.

The average price of crude oil is expected to range between $70 and $80 per barrel in 2025, based on projections by top global institutions. Oil revenue remains a cornerstone of the country’s fiscal policy.  

The oil sector’s revenue rose to OR9.13 billion by the end of the third quarter of 2024, compared to OR8.88 billion a year ago. The non-oil sector grew to OR20.53 billion from OR19.71 billion in the previous year.  

This month Oman estimated a budget deficit of OR620 million in 2025, with total spending likely to reach OR11.8 billion, a 1.5 percent increase year on year.

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The government intends to raise OR750 million this year to address the projected budget deficit and service public debt.

Preliminary results for the 2024 budget show a surplus of OR540 million, a turnaround from the previously expected deficit of OR640 million.

Revenues increased by 15 percent to OR12.7 billion, while public spending reached OR12 billion.