RIYADH: Oman continues to be one of the best-performing economies in the Gulf region, with its gross domestic product reaching 8.7 billion Omani rials ($22.6 billion) at constant prices in the first quarter of 2023, the latest official data showed. 

The country registered a 4.7 percent increase in the GDP at the end of the first quarter against the same period last year, according to data revealed by Oman’s National Centre of Statistics and Information.  

The increase is primarily driven by non-petroleum activities that recorded a 4.6 percent increase year on year to reach 6.07 billion rials in the first quarter of 2023, the report added.  

Moreover, petroleum activities witnessed an increase of 3.5 percent during the same period to reach 2.8 billion rials.  

The report indicated that petroleum activities were 33 percent of the GDP while other activities excluding construction, wholesale and retail as well as public administration and defense were 44 percent.  

While calculated at the current price, the country’s GDP increased by 7.4 percent year on year in the first quarter to reach a value of 10.4 billion rials.  

Additionally, the report indicated that the country’s revenues reached 4.39 billion rials, recording a 4 percent increase year on year.  

Similarly, Oman’s public spending also increased by 3 percent to reach a total of 3.87 billion rials.  

The country’s merchandise exports increased in March by 0.9 percent year on year to reach 5.5 billion rials while imports witnessed an increase of 8.0 percent during the same period.  

Oman’s oil production in the first quarter of the year saw an increase of 1.7 percent year on year but oil and gas exports decreased by 5.7 percent.  

Oman is projected to become the fastest-growing economy in 2023 among the six Gulf Cooperation Council countries, according to a report by the World Bank.  

“In the GCC, growth is expected to slow to 3.2 percent in 2023 and to 3.1 percent in 2024. This comes after the GCC grew 7.3 percent in 2022. The fastest-growing economy within the GCC in 2023 is projected to be Oman, at 4.3 percent growth,” the report stated.  

Furthermore, the GDP growth rate of the UAE is expected to be at 3.6 percent, followed by Qatar at 3.3 percent, Bahrain at 3.1 percent and Saudi Arabia at 2.9 percent, the report stated.