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Country Overview
AS OF 08 Jul 2025- Oil-dependent economy with diversification efforts: While oil and gas remain the primary drivers of Oman’s economy, contributing significantly to GDP and government revenue, the country is actively pursuing economic diversification through its “Vision 2040” plan. This aims to boost non-oil sectors like manufacturing, tourism, logistics, agriculture, and fisheries.
- Positive growth driven by non-oil sectors: Oman’s GDP has shown growth in recent periods, largely propelled by the expansion of non-oil activities, including manufacturing, services, and construction, even amidst OPEC+ oil production cuts. Natural gas production is also a growing contributor.
- Fiscal reforms and debt reduction: The Omani government has implemented significant fiscal reforms, including a VAT and subsidy reductions, which have helped shift fiscal and external balances into surpluses since 2022. This prudent management has substantially reduced public debt, improving the country’s financial stability and investor confidence.
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