Oman’s Economy Grew 5.1% in Q2, Oil Drives the Numbers
Preliminary data from Oman’s National Centre for Statistics and Information show a sharp difference between petroleum and non-petroleum activity during the quarter, with services posting modest growth while industrial output declined.
Oman’s economy grew 5.1% year-on-year in the second quarter of 2026, with real GDP reaching about 9.9 billion Omani rials, compared with roughly 9.4 billion rials in the same quarter last year.
The biggest increase came from petroleum activities. The sector grew 14.7% to about 3.4 billion rials, according to preliminary data from Oman’s National Centre for Statistics and Information released on October 4. Crude oil activity increased 15.2%, while natural gas activity rose 11.7%.
Non-petroleum activities grew at a much slower pace. The sector expanded 0.7% year-on-year to approximately 7.0 billion rials from 6.8 billion rials in the second quarter of 2025.
Services Continue to Expand
Services remained one of the stronger parts of the non-oil economy, growing 1.5% to about 4.6 billion rials. Agriculture and fishing also increased, rising 2.3% to around 325 million rials.
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Industrial activity was weaker. Output in the sector fell 1.5% year-on-year to approximately 1.9 billion rials from about 2.0 billion rials in the same period last year.
The latest figures show that Oman’s second-quarter growth was closely tied to the performance of its petroleum sector. While services and agriculture recorded gains, industrial activity contracted, and the wider non-petroleum economy posted only modest growth.
For Oman, that makes the composition of the 5.1% expansion more important than the headline figure itself. The country has been working to build activity outside hydrocarbons, but the latest quarterly data show that oil and gas remain a major source of growth.
What Business Owners and Investors Should Watch
For business owners, the numbers point to different conditions across Oman’s economy. Oil and gas-related companies are benefiting from the strongest growth, while services are expanding at a slower pace. The 1.5% growth in services is worth watching because the sector is much larger than petroleum in the GDP breakdown.
The 1.5% decline in industrial activity is also important for companies involved in manufacturing and related supply chains. Businesses in this area may need to pay closer attention to demand and production conditions as the sector works through the decline.
For investors, the 5.1% headline GDP growth should not be viewed in isolation. Petroleum is currently providing much of the momentum, while non-petroleum activity is growing only modestly. The performance of services and industry will therefore be important in determining how broad Oman’s economic growth becomes.
