Non-oil sector to drive Oman’s economic growth in 2023

Non-oil sector to drive Oman’s economic growth in 2023

Muscat – Non-oil sector will drive Oman’s economic growth in 2023, thanks to positive momentum and rapid expansion in a range of sectors in the sultanate, according to a new report. ‘The outlook for Oman’s non-oil sector remains positive, buoyed by government infrastructure spending, a surge in tourist arrivals, and falling inflation,’ Emirates NBD, a leading bank of the UAE, said in a research report. Emirates NBD forecasts Oman’s real GDP growth at 1.7% for 2023, following 4.3% in the previous year. For non-oil GDP, Emirates NBD forecasted a growth of 3.5% this year. ‘One of these (sectors) is tourism, with the sector bouncing back from the COVID-19 pandemic last year with 2.9mn visitors, marking an increase of 348% year-on-year and contributing to the 17.3% growth in restaurants and hotels GDP. 2023 got off to a strong start with 177% year-on-year growth in visitors in January, and ongoing investment as part of the Oman Vision 2040 plan will help support this over the coming quarters with numerous new projects earmarked for the next two years,’ the report said. The report noted that nearly two-thirds of the visitors to Oman last year came from the UAE, and the development of the