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Economy saw remarkable progress in 2023: Mawali

30 Dec 2023 Economy saw remarkable progress in 2023 By OUR CORRESPONDENT

Muscat – The Ministry of Economy has stated that the sultanate witnessed several development activities and achievements that had a positive impact and improved performance of the Omani economy and citizens’ standard of living in line with national priorities, objectives set in the 10th Five-Year Plan and the strategic directions of Oman Vision 2040.

According to Dr Nasser bin Rashid al Mawali, Undersecretary in the Ministry of Economy, 2023 is drawing to a close with qualitative improvement in the performance of the Omani economy; economic indicators are positive and reassuring. The Omani economy is expected to continue achieving further growth in 2024 by pursuing flexible economic policies that respond to global changes, adopting stimulating economic policies, and improving economic legislation.

Elaborating on the economic indicators, Mawali informed that the economy showed resilience and growth, posting a 2% increase in gross domestic product (GDP) to approximately RO26.4bn by the third quarter of 2023. Oil production dropped 0.9%, but the value added by non-oil activities surged 2.7%, constituting 68.8% of the GDP.

Proactive measures and policy initiatives kept inflation within safe limits, registering a favourable 1.03% in 2023, compared to 2.9% in 2022.

Dr Nasser bin Rashid al Mawali, Undersecretary in the Ministry of Economy

Mawali added that prudent management of public finances and fiscal adjustment measures led to a fiscal surplus of RO830mn by October. There was significant decline in public revenues and spending in this period.

Oman’s credit rating received positive updates from global rating institutions like Fitch, Standard & Poor’s and Moody’s, indicating improved fiscal performance and reduced public debt risks, boosting investor confidence.

The 10th Five-Year Plan showcased positive results, surpassing the estimated GDP and progressing in key sectors like agriculture, tourism and mining, achieving growth of 1.4%, 1.8% and 0.7%, respectively, and exceeding the plan for the year

According to Mawali, the sultanate has the infrastructure for hydrogen production and export projects, in addition to attractive incentives for investors in this field. Oman’s strides in renewable energy are reflected in a hydrogen project agreement aiming to produce 1mn tonnes of hydrogen annually by 2030 inked at the Oman Green Hydrogen Summit.

During the year, several initiatives and projects were announced, including establishment of Khazaen Economic City in South Batinah, an integrated sports city project and launch of Oman Future Fund – at the end of May – with a capital of RO2bn.

Mawali affirmed that Oman’s robust financial performance will continue to grow and prosper under the leadership of His Majesty Sultan Haitham bin Tarik.

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