Oman's GDP dips 2% to OMR 10.3 billion in Q1 2026 amid oil sector downturn

Oman's Gross Domestic Product (GDP) at current prices saw a 2 percent decline, reaching approximately OMR 10.293 billion by the end of the first quarter of 2026. This marks a decrease from OMR 10.500 billion recorded during the same period in 2025, according to preliminary data from the National Centre for Statistics and Information (NCSI).

The downturn is largely attributed to a significant drop in oil-related activities, which fell by 11.7 percent. The value of crude oil activity alone decreased to OMR 2,406.900 million from OMR 2,753.700 million year-on-year. Natural gas activity also experienced a decline, falling by 8.9 percent.

Conversely, non-oil activities demonstrated resilience, recording a growth rate of 5.9 percent. Their total value increased from OMR 7,044.700 million in the first quarter of 2025 to OMR 7,462.600 million in the corresponding period of 2026. This growth was propelled by robust expansion in service sectors, including financial intermediation and insurance, which surged by 25.4 percent. Other services, information and communications, and professional, scientific, and technical services also contributed positively.