Oman’s GDP grows by 3% as non-oil trade rises

Oman’s economy and public finances strengthened at the start of the year, supported by growth beyond the oil sector and higher energy revenues.

The country’s GDP rose nearly 3 percent year on year to OMR9.6 billion ($25 billion) in the first three months of 2026, with non-oil trade outpacing oil income, according to official government data.

The value of the country’s non-petroleum activities in the first three months rose 2.4 percent year on year to OMR6.7 billion, more than twice the petroleum income, the National Centre for Statistical Information (NSCI) said.

Petroleum revenue reached OMR2.9 billion, up from OMR2.8 billion in the same quarter last year.

The annual increase in non-hydrocarbon trade was supported by a 12 percent rise in agriculture, a 36 percent gain in mining and 3 percent higher revenue in chemical manufacturing, NCSI said.

Oman GDP per capita

Oman, an Opec+ member, is producing about 1 million barrels of crude oil per day, accounting for around 70 percent of government revenue. However, it expects its oil reserves, currently at about 5 billion barrels, to be severely depleted by 2060.

“It is encouraging that non-petroleum income is gaining pace when our oil reserves are on the downside,” said Nasser Al Brashdi, managing director at Majan Investment.

The finance ministry said the budget deficit for 2025 fell 26 percent, driven by higher oil and gas revenues. In February, it had said the deficit was 23 percent below the official forecast.

Public revenue rose 8 percent from the budget estimate to OMR12.1 billion while spending increased 7 percent to OMR12.6 billion, driven by increased social expenditure and support aimed at stimulating economic activity, the state-run Oman News Agency reported, quoting a ministry statement.

The deficit stood at OMR461 million, compared to a projected shortfall of OMR620 million.

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Oil revenue rose 11 percent to OMR8.5 billion, driven by higher average oil prices, with the average realised oil price at $72 per barrel, compared to $60 per barrel in the 2025 estimated budget.

Net gas revenues reached OMR1.8 billion, up 4 percent from the budget estimate.

Non-oil revenue reached OMR3.6 billion, an increase of OMR68 million compared to the budget estimate.

Public debt stood at OMR14.6 billion, down OMR15 million from 2024, the ministry said.