Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024.
According to the Ministry of Finance’s 2025 budget presentation, the Sultanate recorded a 1.9% economic growth in the first nine months of 2024. Oil revenues reached OR9.13 billion, while non-oil revenues saw significant growth, reaching OR20.53 billion during the same period.
2025 Budget Highlights
- Deficit: OR620 million ($1.6 billion).
- Expenditure: Projected to total OR11.8 billion, marking a 1.5% year-on-year increase.
- Borrowing Plans: The government plans to raise OR750 million to address the deficit and service public debt.
2024 Budget Surplus
Contrary to earlier projections of a deficit, Oman’s 2024 budget ended with a surplus of OR540 million, thanks to a 15% increase in revenues (OR12.7 billion) and efficient management of public spending (OR12 billion).
Future Outlook
Oman continues to diversify its economy through measures such as imposing a 15% corporate tax on multinationals and resuming copper exports to meet rising global demand. These efforts aim to create a more resilient and sustainable economy.
Source:
This news has been sourced from AGBI. For more details, please access the link below.
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