Muscat – Oman has successfully achieved the economic growth targets and key objectives set out in its Tenth Five-Year Development Plan (2021–2025), marking an important milestone in the sultanate’s journey towards economic diversification and sustainable development, the Ministry of Economy has announced.

According to H E Dr Nasser bin Rashid al Maawali, Undersecretary of the Ministry of Economy, the sultanate’s GDP grew at an average rate of 3.4% during 2021–2024, close to the plan’s target of 3.5%. Growth in the non-oil sector outperformed expectations, averaging 4.1% compared with the 3.5% target, reflecting the successful implementation of economic diversification strategies.

The ministry expressed pride in the positive outcomes achieved under the Tenth Five-Year Development Plan. These results, the ministry said, reinforce confidence in Oman’s pursuit of comprehensive and balanced development, and underscore progress towards economic diversification and sustainability in line with Oman Vision 2040.

“Royal directives and the coordinated efforts of all stakeholders have been instrumental in achieving the plan’s strategic objectives, including meeting GDP growth targets, consolidating growth in non-oil sectors, improving fiscal sustainability, and enhancing Oman’s international competitiveness,” H E Maawali said in a statement to Oman News Agency.

The Tenth Five-Year Plan period also witnessed the accelerated completion and launch of major development projects across the country. These include Sultan Haitham City – the first in a series of future cities – and the expansion of economic, free, and private zones, notably the Integrated Economic Zone in Al Dhahirah Governorate and the Rawdah Special Economic Zone in Al Buraimi Governorate. These projects aim to diversify production and exports, create jobs, and attract investment.

H E Maawali noted that development spending during the plan also increased across social and service sectors, improving healthcare infrastructure, strategic roads, and educational institutions across governorates.

He highlighted continued fiscal stability, noting that the sultanate’s public debt fell to RO14.1bn, or 34.1% of GDP, by the end of June 2025. Foreign direct investment rose 20.6% by the end of Q1 2025, reaching RO30.6bn, while non-oil exports increased by 9.1% during the first half of the year.

Looking ahead, H E Maawali said Oman’s GDP growth rate is expected to rise to 2.2% by the end of 2025, up from 1.6% in 2024, supported by higher crude oil production and continued positive performance in non-oil sectors. The government’s investment-friendly initiatives, coupled with reforms to improve the business environment and support small and medium enterprises, are expected to sustain economic diversification and job creation.

He added that progress in economic diversification, improved investment attractiveness, business environment reforms, and the implementation of national programmes and policies are all supporting the outcomes of the five-year plan. Government initiatives will further stimulate investment and empower the private sector, including small and medium enterprises, enhancing the performance of economic diversification sectors and driving investment, job creation, and overall economic growth.