MUSCAT: The Ministry of Finance unveiled key highlights of Oman’s 2025 State Budget during a media gathering held on January 6, 2025. The presentation shed light on the country’s economic performance, growth projections, and global oil price expectations, underscoring the government’s efforts to maintain fiscal sustainability while fostering economic growth.

The Ministry projected that Oman’s Gross Domestic Product (GDP) at constant prices will grow to approximately RO 38.39 billion by the end of 2024, further increasing to RO 39.43 billion in 2025. This steady growth reflects the nation’s resilience amidst global economic uncertainties.

The value-added contributions of Oman’s economy until the end of Q3 2024 highlight growth in both the oil and non-oil sectors at constant prices. The oil sector recorded RO 9.133 billion, showing a modest increase from RO 8.881 billion in 2023, while the non-oil sector grew to RO 20.527 billion, up from RO 19.706 billion in the previous year. This growth reflects Oman’s continued efforts to strengthen its economic foundation and diversify revenue streams.

This data underscores Oman’s efforts to diversify its economy and reduce reliance on oil revenues, with significant contributions from non-oil sectors to the GDP.

By the end of Q3 2024, Oman’s GDP growth rate at constant prices stood at 1.9 per cent, reaching RO 28.146 billion, compared to RO 27.632 billion during the same period in 2023.

Looking ahead to 2025, the Ministry highlighted global oil price forecasts, which suggest that the average price per barrel will range between USD 70–80. These expectations are based on projections by leading international institutions and are a critical factor in shaping Oman’s fiscal policy.

The Ministry emphasized that the 2025 budget aligns with Oman’s Vision 2040 objectives, focusing on sustainable economic growth, job creation, and fiscal balance. Efforts to strengthen local economic activities and improve financial management remain a priority.

The media gathering, which brought together stakeholders and industry leaders, reflected the government’s commitment to transparency in communicating its financial policies and economic strategies.

Oman’s 2025 budget reflects cautious optimism, supported by efforts to balance economic diversification with fiscal prudence in an ever-changing global economic landscape.

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