Muscat: The Gross Domestic Product (GDP) at current prices in the Sultanate of Oman at the end of the fourth quarter of 2023 (from January to December 2023) recorded a decrease of 2.8% to reach (at market price) RO 41.8 billion, compared to the end of the fourth quarter of 2022, during which the GDP at current prices reached RO 43 billion, according to preliminary data issued by the National Centre for Statistics and Information.

This decrease is mainly due to the drop in oil activities, which decreased by 11.9% to RO 14.9 billion at the end of the fourth quarter of 2023 compared to RO 16.9 billion at the end of the fourth quarter of 2022, where the contribution of oil activities reached 36%.

Crude oil activities declined by 14% to RO 12.788 billion, while natural gas activities increased by 2.4% to reach RO 2.183 billion. Non-oil activities increased by 1.7% to RO 28.153 billion by the end of the fourth quarter of 2023 compared to RO 27.6 billion at the end of the fourth quarter of 2022.

The total industrial activities recorded RO 7.7 billion, compared to RO 8.2 billion at the end of the fourth quarter of 2022, while agriculture, forestry and fishing activities recorded RO 966 million, and service activities recorded RO 19.4 billion.

The contribution of the construction activities amounted to 7%, compared to 8% for wholesale and retail trade, 9% for public administration and defense, and 40% for other non-oil activities.