Oman targets at least 3% economic growth for 2024

Oman targets at least 3% economic growth for 2024

Muscat – The Ministry of Finance expects Oman’s economy to achieve a growth of at least 3% during 2024 while continuing to maintain annual inflation at moderate levels. The ministry announced the state budget for the fiscal year 2024 last week, aiming to sustain financial, economic, and social stability in line with the Financial Framework […]Muscat – The Ministry of Finance expects Oman’s economy to achieve a growth of at least 3% during 2024 while continuing to maintain annual inflation at moderate levels.

The ministry announced the state budget for the fiscal year 2024 last week, aiming to sustain financial, economic, and social stability in line with the Financial Framework of the 10th Five-Year Development Plan (2021-2025) and Oman Vision 2040.

‘The 2024 budget is meticulously crafted to achieve a comprehensive array of economic and social objectives, including economic growth of at least 3% at constant prices during 2024 and maintaining inflation rates at moderate levels, around 3%,’ the Ministry of Finance stated in the 2024 budget statement.

Preliminary results of the fiscal year 2023 indicate a growth of real GDP by 2.3% for 2023, with GDP reaching RO43.7bn by the end of 2023, the ministry noted in the statement.

National Center for Statistics