Muscat: Oman’s economy continued to show resilience in 2024, posting a fiscal surplus and stronger banking performance amid stable inflation and improved credit ratings, the Central Bank of Oman (CBO) said in its Annual Report 2024.
Total credit in the banking system expanded 6.7% to RO 32.5 billion, while deposits rose 9.1% to OMR 31.7 billion, reflecting growing liquidity and confidence in the financial sector. The CBO said Broad Money (M2) increased by 8.1%, and Narrow Money Supply (M1) jumped 18.6%, indicating higher consumption and investment activity.
Oman’s real GDP grew 1.4% last year, slightly below the 1.6% growth recorded in 2023, while inflation eased to 0.6% from 0.9%. The slowdown in prices was attributed to stable global commodity costs and continued fiscal prudence.
The government posted a budget surplus of RO 540 million, supported by efficient spending and sustained revenue flows, the report said. Public debt as a share of GDP fell to 35%, down from 37.1% a year earlier, as authorities prioritized debt reduction and diversification.
The current account surplus stood at RO 1.18 billion, or 2.9% of GDP, driven by healthy external trade performance. The CBO added that Oman’s credit rating outlook improved in 2024, restoring its investment-grade status — a milestone reflecting investor confidence and sound economic management.
In 2024, Oman achieved a fiscal surplus of RO 540 million, with the Central Bank of Oman highlighting improved credit ratings and a robust banking sector. Credit expanded by 6.7% and deposits increased by 9.1%, indicating financial stability. Inflation dropped to 0.6%, and public debt fell, showcasing prudent economic strategies and investor confidence.