Muscat: The industrial sector has secured the highest growth in the Gross Domestic Products (GDP) during the first quarter of 2024 compared to other sectors to become one of the strongest pillars of economic diversification of Oman Vision 2040.

The latest statistics issued by the National Centre for Statistics and Information (NCSI) showed that the industrial sector achieved a growth rate of 9.2% during the first quarter of 2024 at the current price compared to the same period in 2023.

The industrial productivity also increased from OMR871 million to OMR951 million in all industrial activities, representing 10% of the GDP at the fixed price.

The basic petrochemical industries results increased by 6.4% from OMR317.8 million to OMR338.2 million.

Dr. Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, said that the growth rate of the industrial sector is higher than the world growth.

The latest reports of the United Nations Industrial Development Organisation (UNIDO) showed that the world industrial productivity registered a moderate growth of 0.9% during the first quarter in 2024, despite the challenges faced by the global economy such as the increase in the rate of inflation, the fluctuation in prices of energy and the impacts of the regional conflicts.

Expressing satisfaction over the qualitative shifts and the continued improvement in the industrial sector, Dr. Masan hailed the remarkable efforts accorded by industrialists and the various government establishments for development of the industrial sector.

He also said that the Sultanate has achieved the 53rd place at the world level and 4th at the regional level in the competitive industrial performance index 2024, issued by the United Nations Industrial Development Organisation (UNIDO).

© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).