Non-oil sector in Oman likely to witness a growth in 2023.

A Steady growth is expected in the non-oil sector in the Sultanate of Oman during 2023. According to a report issued by the Institute of International Finance (IIF), the growth of the non-oil sector in the Sultanate of Oman is expected to reach 2.4 percent this year as compared to 2 percent last year.

The institute pointed out that the GCC countries are still resilient despite the global headwinds.

The institute said in a new report that the expected improvement in non-oil revenues and continued rationalization of spending may offset the decrease in the volume of oil exports to the Gulf Cooperation Council countries, which in turn leads to a decrease in the price of oil needed to balance the...