Oman Celebrates National Day With Major Economic And Social Milestones Highlighted By GCC-Stat

As Oman celebrates its National Day on 20th November, the GCC Statistical Centre (GCC-Stat) has highlighted the country's significant economic and social progress. These achievements have bolstered Oman's global reputation, placing it among the world's most developed nations. A recent report from GCC-Stat underscores Oman's ongoing economic growth, largely driven by its strategy to diversify its economy.

The non-oil sectors in Oman have shown remarkable growth, contributing 68.2% to the GDP at current prices in 2024, up from 66.7% in 2023. The GDP itself reached US$107.1 billion in 2024, a substantial increase from US$75.9 billion in 2020, reflecting a growth rate of 41.1%. Manufacturing activities alone contributed 10% to the GDP in 2024.

Oman's merchandise trade value surged by 81.3%, reaching $109 billion in 2024 compared to $60.1 billion in 2020. Exports saw a significant rise to $65.2 billion in 2024 from $31.8 billion in 2020, marking a growth of 104.9%. The trade balance recorded a surplus of $21.3 billion in 2024, up from $3.5 billion in 2020.

Total assets held by commercial banks increased to $115.9 billion in 2024 from $93.2 billion in 2020, showing a growth of 24.4%. Foreign reserve assets also rose to $18.4 billion in 2024, up from $15 billion in 2020, indicating an increase of 22.5%.

The tourism sector has expanded significantly with hotel establishments increasing to 1,031 by 2024 from just 548 in 2020, an impressive rise of 88.1%. Tourist numbers reached approximately 2.7 million in 2024, with total spending estimated at $2.6 billion.

Healthcare and Education Advancements

The healthcare sector has seen improvements with the number of public and private hospitals reaching a total of 94 by the year 2024. The ratio of physicians improved to stand at about 21.4 doctors per every 10,000 people.

In education, student numbers grew to approximately 897,700 during the academic year of 2023/2024 compared to around 748,800 during the academic year of 2019/2020, marking a growth rate of nearly 19.9%. Youth literacy rates for ages between fifteen and twenty-four reached an impressive level of about ninety-nine point six percent.

Global Rankings and Environmental Achievements

Oman achieved notable rankings globally by securing fourth place on the Quality of Life Index for the year twenty-twenty-five and also ranked fourth among the safest countries worldwide according to Gallup's findings.

The Sultanate was recognised as the least-polluted country regionally for twenty-twenty-five which highlights its commitment towards maintaining environmental standards.

These accomplishments reflect Oman's dedication towards sustainable development across various sectors while enhancing its international stature through strategic initiatives aimed at fostering economic resilience alongside social well-being within its borders.

With inputs from WAM