Oman’s industrial sector growth beats global rate

Dubai: Oman’s industrial sector sees an expansion of 9.2 per cent year-on-year, markedly outpacing the global growth rate by a factor of ten.

In the first quarter of 2024, production value reached approximately $2.5 billion (Dh9 billion).

The industrial sector accounted for 10 per cent of the country’s gross domestic product (GDP), according to data from the national centre for statistics and information.

Growth was primarily driven by the basic chemical industries, which grew 6.4 per cent year-on-year to $878 million (Dh3.2 billion).

In contrast to Oman’s robust performance, global industrial production saw only a 0.9 per cent increase, as reported by Muscat Daily.

Foreign direct investment in the industrial sector reached $5 billion (Dh18 billion) by August 2024, with 60 new projects launched.

Non-oil sectors in Oman grew by nearly 4 per cent in the first quarter, offsetting declines in the energy sector's revenue. As a result, the country's GDP for the first quarter of 2024 rose slightly by 0.8 per cent year-on-year to $27 billion (Dh99 billion).