Oman's GDP Drops 9.5% in Q2 2023 Due to Lower Oil and Gas Revenue
- Oman's GDP fell 9.5% to $26.3 billion in Q2 2023 compared to Q2 2022
- The fall was due to an 18.3% drop in the value of oil activities
- Crude oil activities revenue declined 19.5% and natural gas activities fell 9.2%
- Non-oil sector revenue also decreased by 3.6% in Q2 2023
- Agricultural, industrial, and services activities saw declines in their contributions to GDP