Muscat: The Omani economy recorded significant growth last year, 2024, with the Gross Domestic Product (GDP) increasing by 1.3 percent, driven by the improved performance of the non-oil sector, which grew by 3.9 percent, as a result of expansion in the manufacturing and logistics sectors.
According to Yemen News Agency, the annual report issued by the Central Bank of Oman on Sunday stated that the inflation rate in the Sultanate of Oman decreased to an average of 0.6 percent in 2024, compared to 0.9 percent in 2023, while the government achieved a fiscal surplus of 1.3 percent of GDP during the year.
The public debt-to-GDP ratio also decreased to 35.0 percent last year, compared to 37.1 percent in 2023, and the current account surplus reached approximately 2.9 percent of GDP.
Industrial output grew by 5 percent, and the manufacturing sector by 8.3 percent, while the construction sector grew by 2.4 percent, and the services sector by 3 percent.
The report indicated that the banking system showed improved performance, with the total assets of the banking sector increasing by 6.6 percent to reach 44.6 billion Omani rials. Total credit extended also increased to 32.5 billion Omani rials, with a growth rate of 6.7 percent.