Oman’s economy flourishes on the back of fiscal reforms and low inflation

Oman’s economy flourishes on the back of fiscal reforms and low inflation

Posted on November 25, 2024 |

Oman’s economy continues to grow, with low inflation and ongoing reforms improving its fiscal position, according to the IMF.

In 2023, the economy grew by 1.2%, and by 1.9% in the first half of 2024, despite OPEC+ oil production cuts.

The non-oil sector expanded by 3.8% in the first half of 2024, driven by growth in construction, manufacturing, and services.

Inflation fell to 0.6% from January to September 2024, down from 0.9% in 2023.

Economic growth is expected to reach 1.2% in 2024 due to oil production cuts, but a stronger recovery is expected in 2025.

Oman’s fiscal and current account balances are in surplus, with public debt decreasing.

Oman continues to make progress with Vision 2040 reforms, including a new social protection law and improvements to the business environment.

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