Oman’s economic milestones of 2023: Positive growth and progressive outlook

Oman’s economic milestones of 2023: Positive growth and progressive outlook

Amidst commendable strides in bolstering economic stability and enhancing living standards, the Ministry of Economy affirmed Oman's remarkable economic accomplishments throughout 2023.

The post Oman’s economic milestones of 2023: Positive growth and progressive outlook appeared first on The Arabian Stories News.MUSCAT : Under the visionary framework of Oman Vision 2040 and the objectives of the tenth five-year development plan, the nation achieved significant advancements, positioning itself on an upward trajectory in its economic journey.

Dr. Nasser bin Rashid Al Maawali, the Undersecretary of the Ministry of Economy, highlighted the transformative strides that propelled Oman’s economic landscape forward.

Key Points:

The Omani economy showcased resilience and growth, witnessing a 2% increase in the Gross Domestic Product (GDP) to approximately OMR 26.4 billion by the third quarter of 2023. Despite a 0.9% decline in oil production, the value added by non-oil activities surged by 2.7%, constituting 68.8% of the GDP.Proactive measures and policy initiatives maintained inflation rates within safe limits, registering a favourable 1.03% in 2023, compared to 2.9% in the previous year.

The prudent management of public finances and fiscal adjustment measures led to a fiscal surplus of OMR 830 million by October 2023 despite a significant decline in public revenues and spending.Oman’s credit rating