Muscat: Oman's economy recorded notable growth in 2024, with gross domestic product (GDP) rising by 1.3 percent, driven by a 3.9 percent expansion in the non-oil sector, particularly in manufacturing and logistics, according to the annual report issued by the Central Bank of Oman on Sunday.

According to Qatar News Agency, the report stated that the inflation rate declined to an average of 0.6 percent in 2024, compared to 0.9 percent in 2023. The government achieved a fiscal surplus equivalent to 1.3 percent of GDP during the year.

Meanwhile, the ratio of public debt to GDP fell to 35.0 percent last year, from 37.1 percent in 2023, while the current account surplus reached around 2.9 percent of GDP.

The industrial output grew by 5 percent, with the manufacturing sector up 8.3 percent, construction by 2.4 percent, and services by 3 percent.

The banking system also showed improved performance, with total assets of the banking sector rising by 6.6 percent to OMR 44.6 billion, and total credit extended increasing by 6.7 percent to OMR 32.5 billion.