Oman’s GDP at constant prices to grow by 2.4 per cent in 2024

Oman’s GDP at constant prices to grow by 2.4 per cent in 2024

Muscat: Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, gave a visual presentation highlighting prominent global financial, economic and monetary indicators.

He shed light on the decline in global economic growth to reach 2.9 percent in 2024 and a decline in global inflation rates to 5.8 percent.

He added that the average global oil prices, according to the expectations of international agencies during 2024, are expected to reach about $81 per barrel.

The undersecretary expected that the GDP at constant prices will grow by 2.3 percent in 2023 and by 2.4 percent in 2024.

He touched on the preliminary results of the financial performance for the year 2023, which indicate achieving a financial surplus of about OMR931 million, against an estimated deficit in the state’s general budget of about OMR1.3 billion.

He explained that the state’s public revenues during 2023 rose to OMR12.213 billion, constituting an increase of about OMR2.163 billion compared to what was approved in the budget for the same year. Public spending was recorded at OMR11.282 billion.

He added that net oil revenues in 2023 grew by 29 percent to about OMR6.883 billion, while net gas revenues increased by 43 percent to reach about OMR2 billion.

Al Harthy stressed that the preliminary