By Manal Abdel Fattah
Non-oil activities led the growth momentum of the economy and the increase in the gross domestic product of the Sultanate of Oman during the current year, and the added value of non-oil activities recorded an increase rate exceeding expectations, achieving a growth of 3.9 percent during the third quarter of this year compared to the same quarter of 2022, and on an annual basis it recorded Non-oil activities grew by 2.7 percent from the beginning of this year until the end of the third quarter compared to the same period last year.
In terms of constant prices, the size of the gross domestic product of the Sultanate of Oman increased during the third quarter of this year to 9.3 billion Omani riyals, with a growth rate of 2.2 percent, which raises the total size of the gross domestic product of the Sultanate of Oman in terms of constant prices to 26.4 billion Omani riyals and to 31.4 billion Omani riyals. Evaluated at current prices, during the first three quarters of this year, which witnessed a real growth rate in the domestic product of about 2 percent.
By the end of the third quarter of 2023, non-oil activities recorded a contribution of about 65 percent of the gross domestic product of the Sultanate of Oman, which is estimated at about 6.4 billion Omani riyals, while the contribution of oil activities to the domestic product reached 35 percent. Growth in the oil sectors recorded a decline of 0.9 percent. percent by the end of the third quarter due to the reduction in production rates by oil-exporting countries within the framework of commitment to the policies followed by the OPEC Plus group with the aim of maintaining the balance of the oil market.
The growth momentum in non-oil activities during the third quarter was supported by good performance in a number of economic diversification sectors and service activities, as the added value of the agriculture, fishing, transportation and storage sectors, real estate activities, information and communications activities, health and education increased, and accommodation and food services activities continued to recover at good rates, in While the growth of industrial activities declined by 2.6 percent.
