The Sultanate of Oman's Gross Domestic Product (GDP) at current prices saw a 2.8 percent decrease to OMR41.8 billion by the end of the fourth quarter of 2023, down from OMR43 billion in the same period of 2022. This decline was primarily driven by a drop in oil activities, which decreased by 11.9 percent to OMR14.9 billion in Q4 2023 compared to OMR16.9 billion in Q4 2022, with oil activities contributing 36 percent.
Crude oil activities fell by 14 percent to OMR12.788 billion, while natural gas activities rose by 2.4 percent to OMR2.183 billion. Non-oil activities, on the other hand, increased by 1.7 percent to OMR28.153 billion by the end of Q4 2023 compared to OMR27.6 billion in Q4 2022.
Total industrial activities amounted to OMR7.7 billion, down from OMR8.2 billion in Q4 2022, while agriculture, forestry, and fishing activities reached OMR966 million, and service activities stood at OMR19.4 billion.
Construction activities contributed 7 percent, wholesale and retail trade 8 percent, public administration and defense 9 percent, and other non-oil activities 40 percent to the GDP.
