Industry Industrial growth in Oman beats global rate By Pramod Kumar September 12, 2024, 7:45 AM Oman News Agency/X A view of Oman's Al Rusayl Industrial City. Manufacturing industries expanded 6.3 percent year on year in Q1 2024 Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. NewsletterGet the Best of AGBI delivered straight to your inbox every week The basic chemical industries led the growth, rising 6.4 percent year on year to OR338.2 million. Manufacturing industries followed with a 6.3 percent annual increase, reaching a production value of OR545.2 million. Oman’s industrial sector has significantly outperformed global industrial production, which increased by just 0.9 percent, the Muscat Daily newspaper reported, citing Dr Saleh bin Saeed Masan, undersecretary in the ministry of commerce, industry and investment promotion. Oman’s non-oil trade drives GDP growth in first quarter $12bn plan puts Oman on path to replace oil income Oman to build agricultural city to enhance food security Foreign direct investment in the industrial sector reached OR2 billion by August 2024, with the launch of 60 new industrial projects valued at OR885 million. Non-oil activity in the sultanate increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector. The Gulf nation’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OR10.45 billion ($27 billion).
