Omani economy grows by 2.1% in first half of 2023

Omani economy grows by 2.1% in first half of 2023

Muscat: Dr. Said Mohammed Al Saqri, Minister of Economy has affirmed the recovery of the Omani economy from the impact of the Covid-19 pandemic. This, said the minister, reflects positive developments in the performance of overall indicators, as the Omani economy witnessed a growth in fixed prices, amounting to 2. 1 percent during the first half of 2023. In his speech during the media gathering organized by the Ministry of Economy today, the minister explained that this rise was driven by the growth achieved in oil activities by 1. 4 percent and in non-oil activities by 2. 1 percent. He said that the GDP at fixed prices witnessed positive growth rates during 2021 and 2022, amounting to 3 percent and 4. 3 percent, respectively, in addition to positive developments in the performance of the trade balance and the performance of the financial sector. Moreover, the size of public debt, added the minister, decreased to about 37 percent of the GDP, which was also reflected in the improvement of the credit rating by many agencies. Dr. Al Saqri pointed out that the policies espoused by the government contributed to improving macroeconomic indicators, as the government prioritised reducing public debt, enhancing development