Oman's oil and gas sector drives 30% GDP growth in 2022

DUBAI — Oman's nominal gross domestic product (GDP) grew 30% in 2022, carried by the country’s hydrocarbon sector, which mainly consists of oil and gas, according to the Central Bank of Oman (CBO) 2022 Annual Report released Sunday by the government of Oman. 

Oman’s hydrocarbon sector growth rate was 61.6% from 2021 to 2022, compared to non-hydrocarbon sector growth at 16.9% during the same period, according to the report. This is a major jump compared to the year before, which saw Oman’s 2021 nominal GDP at 16.1% and its hydrocarbon sector growing at a rate of 38.5% on the back of sharp increases in global crude oil prices. 

The country’s real GDP growth — economic expansion after factoring in inflation — in 2022 did not see as significant of a rise, reaching 4.3% compared to 3.1% the year before. The CBO report attributed this widening of both nominal and real GDP to “favorable oil prices” and Oman’s national reform and diversification policies set through its Vision 2040. 

“Oman's public finance achieved remarkable positive fiscal performance in 2022, surpassing previous years, driven by higher oil and reform measures undertaken by the government,” stated the CBO in its press statement.