Oman witnesses strong economic recovery

MUSCAT : Oman’s GDP has witnessed a growth of 32.4% at current prices in the first half of 2022 to reach about OMR 20.26 billion, a top official at Ministry of Economy (MOE) said. 

Dr. Nasser Al-Maawali, Undersecretary for Economy at MOE, said that the economic recovery of the Sultanate was reflected in the rise in trade balance surplus, which grew by 185.8 percent to reach about OMR 4.71 billion during the first half of 2022.

“The qualitative improvement in the performance of the economy was due to the successful economic and financial policies initiated by the government, including the stimulus packages,” Al Mawali said. 

Benefiting from the global increase in energy prices and clear economic policies, the Sultanate of Oman’s economic indicators witnessed remarkable improvement driving growth of GDP in fixed prices to 3.9% during the first half of 2022 to reach OMR 17.59 billion, compared to OMR 16.93 billion during the first half of 2021.

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