Private sector contributed RO8.8bn to GDP in Q4 2023

Private sector contributed RO8.8bn to GDP in Q4 2023

Muscat – Preliminary data from the National Centre for Statistics and Information (NCSI) shows private sector entities in the sultanate contributed RO8.85bn to the country’s gross domestic product (gdp) in the fourth quarter of 2023. This accounted for 81.2% of the GDP at current prices, compared to 84% in the same period of 2022.

Large corporations made the biggest contribution, adding RO6.58bn to the GDP, representing 60.4% of the total, down 6.5% compared to Q4 2022. Medium size enterprises contributed RO681.9mn – 6.3% of the total – reflecting a 3.2% decrease.

Small enterprises contributed RO718.6mn – or 6.6% – showing a drop of 2%. Micro enterprises added RO870.7mn – or 8% of the GDP – an increase of 0.7%.

The number of workers in private institutions rose 6.4% from 1.71mn in the fourth quarter of 2022 to 1.82mn in the fourth quarter of 2023. The total number of private institutions reached 240,765, up 8.7% compared to the same period in 2022.

Oman’s real GDP recorded an annual growth of 1.3% from RO37.7bn recorded in 2022 to RO38.2bn at the end of 2023, as per Ministry of Economy statistics.

The sultanate’s nominal GDP – gross domestic product at current market prices – decreased 2.8% to RO41.8bn