Non-Oil GDP
Definition
Non-oil GDP measures the total economic output of a country excluding the direct contribution of the oil and gas extraction sector. It provides a clearer picture of economic diversification progress in hydrocarbon-dependent economies by isolating the performance of other sectors.
Context
Tracking non-oil GDP growth is essential for assessing Oman’s Vision 2040 progress. Rising non-oil GDP indicates that sectors such as tourism, manufacturing, logistics, and financial services are expanding independently of oil price fluctuations.
Example
If Oman’s total GDP grows by two percent but non-oil GDP grows by five percent, this signals that diversification efforts are succeeding in developing productive capacity outside the hydrocarbon sector.