Saturday 04 / October / 2025
Muscat: The Sultanate of Oman continues to improve its credit rating issued by international rating agencies as the government continues its plans to manage financial obligations, reduce public debt levels, and boost non-oil revenues.
Last week, Standard & Poor's affirmed Oman's investment-grade credit rating at 'BBB-' with a stable outlook.
Dr. Said bin Mohammed Al Saqri, Minister of Economy, said: "This credit rating for the Sultanate of Oman confirms the success of the financial and economic policies adopted by the government and the priorities it adopted at the beginning of the Tenth Five-Year Development Plan 2021-2025. This has had a positive impact on the growth of various economic activities, the labor market, and foreign investment."
He added in a statement to the Oman News Agency that the Ministry of Economy expects the average growth rate, according to the Eleventh Five-Year Development Plan (2026-2030), to reach 3.5 percent, expecting the Tenth Five-Year Plan to achieve its targeted average growth rate by the end of this year.
He noted that significant efforts are being made to reduce reliance on government oil revenues, which currently constitute approximately 70 percent of total revenues.
He explained that non-oil activities have led economic growth over the past three years, which encourages further efforts related to economic diversification.
The Minister of Economy explained that non-oil activities recorded significant growth, averaging 4.1 percent, compared to a growth of about 2.3 percent in oil activities during the period 2021-2024.
