Latest news with #nonOilActivities
Zawya
01-07-2025
- Business
- Zawya
Oman's GDP grows to $27bln fuelled by non-oil activities
Muscat: The Sultanate of Oman's gross domestic product (GDP) at current prices increased by 4.7 percent to OMR10.53 billion by the end of the first quarter of 2025 compared to OMR10.05 billion during the same period of 2024. Preliminary data released by the National Centre for Statistics and Information (NCSI) indicated that this growth in GDP is primarily attributed to a rise in non-oil activities, which increased by 4.1 percent to OMR 7.13 billion by the end of the first quarter of this year compared to OMR6.85 billion by the end of the corresponding quarter of 2024. The NCSI data further showed that agriculture and fishing activities witnessed a growth of 11.1 percent, reaching OMR326.60 million, while industrial activities recorded a growth of 2.8 percent, contributing OMR1.96 billion to the gross domestic product. The growth of service activities reached 4.2 percent, with a total contribution of OMR4.83 billion. Oil-related activities also played a significant role, with an overall increase of 6.8% in value-added contributions, reaching OMR3.71 billion by the end of the first quarter of 2025, compared to OMR3.47 billion by the end of the first quarter of 2024 This comes despite a 7.5% dip in crude oil activity, which stood at OMR2.74 billion. The standout performer was the natural gas sector, which surged by a remarkable 89%, adding OMR970.8 million to the national output. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
30-06-2025
- Business
- Times of Oman
Oman's GDP grows to OMR10.5bn fuelled by non-oil activities
Muscat: The Sultanate of Oman's gross domestic product (GDP) at current prices increased by 4.7 percent to OMR10.53 billion by the end of the first quarter of 2025 compared to OMR10.05 billion during the same period of 2024. Preliminary data released by the National Centre for Statistics and Information (NCSI) indicated that this growth in GDP is primarily attributed to a rise in non-oil activities, which increased by 4.1 percent to OMR 7.13 billion by the end of the first quarter of this year compared to OMR6.85 billion by the end of the corresponding quarter of 2024. The NCSI data further showed that agriculture and fishing activities witnessed a growth of 11.1 percent, reaching OMR326.60 million, while industrial activities recorded a growth of 2.8 percent, contributing OMR1.96 billion to the gross domestic product. The growth of service activities reached 4.2 percent, with a total contribution of OMR4.83 billion. Oil-related activities also played a significant role, with an overall increase of 6.8% in value-added contributions, reaching OMR3.71 billion by the end of the first quarter of 2025, compared to OMR3.47 billion by the end of the first quarter of 2024 This comes despite a 7.5% dip in crude oil activity, which stood at OMR2.74 billion. The standout performer was the natural gas sector, which surged by a remarkable 89%, adding OMR970.8 million to the national output.
Argaam
25-05-2025
- Business
- Argaam
Saudi economic growth to accelerate in 2025, 2026: Riyad Capital
Riyad Capital expects the Saudi economic growth to accelerate in 2025 and 2026, with non-oil activities maintaining a robust growth trajectory, while oil activities are anticipated to rebound. 'We project continued solid growth for non-oil activities, fostered by a growth-oriented fiscal policy, supported by PIF, with a focus on increased investment spending which will support the non-oil economy in the coming years. After a strong growth rate of 4.8% in 2024, we forecast nonoil activities to expand by 4.1% in 2025 and 4.3% in 2026,' the brokerage wrote in its recent report titled 'Saudi Economic Chartbook – Q2 2025'. Riyad Capital forecasts Saudi crude oil production to expand in the next 15-18 months in order to entirely unwind its voluntary output cuts from 2023. 'We feel particularly vindicated in our view by OPEC's recent decision to accelerate this unwinding process in the months of May and June of this year. As a consequence, we project oil activities to grow by 3.5% in 2025, followed by a growth rate of 5.4% in 2026,' it added. Accordingly, the Kingdom's overall economic growth is set to pick up to 3.5% in 2025, before further climbing to 4.2% by 2026 after growing at a 1.8% clip last year. The brokerage also predicts a moderate inflation hike to 2.5% in 2025, following a 1.7% rise in 2024. For next year, inflation is projected to gradually ease to 2.3%. 'Finally, we expect the US Federal Reserve to stay on a measured rate cut trajectory and forecast rate reductions of 50 basis points in 2025 and in 2026. Accordingly, SAMA is projected to cut its official repo rate and reverse repo rate by the same amount,' it further stated.
