Fisheries Sector in Oman Achieves 7.5% Growth
Muscat, 23 Mar (ONA) — The fisheries sector in the
Sultanate of Oman achieved good growth rates in 2024, further boosting its contribution
to economic diversification during the 10th Five-Year Plan (2021-2025).
The 10th five-year plan targets raising the sector’s growth to10 percent annually. It also targets the augmentation of the sector’s contribution to the Gross
Domestic Product (GDP) by about 2 percent. This will consolidate the subsidiary
sources of economic growth, support food security and enhance the Sultanate of
Oman’s regional and global position, in terms of sustainability of fisheries
industry and marine activities.
Dr. Salim Al Sheikh, official spokesman of the Ministry of
Economy, said that the fisheries sector’s growth rate rose to 10 percent during
the third quarter of 2024, compared to the corresponding quarter in 2023.
The sector registered a growth rate of 7.5 percent between
January and September 2024, compared to the corresponding period in 2023. Its
total contribution to the GDP at constant prices stood at RO 274.4 million,
which represents about 1 percent of the Sultanate of Oman’s GDP of RO 28.1
billion during the period from January to September 2024.
At current prices, the fisheries sector registered 9.5
percent growth during the third quarter of 2024, compared to the corresponding period
in 2023. The growth rate of the sector between January and September 2024
amounted to about 7.4 percent, compared to the corresponding period in 2023. The sector’s contribution reached RO 294
million out of the GDP (RO 30.64 billion).
Meanwhile, the fisheries sector posted a total contribution of about RO 428
million to the GDP during 2023, at current prices.
The Sultanate of Oman is achieving self-sufficiency in fish
production, according to the official spokesperson for the Ministry of Economy.
The 10th five-year plan includes 224 projects to
develop marine resources in the sectors of fisheries, ports, water resources,
dams, environment and pollution control. The projects have an investment cost
of approximately RO 1.6 billion. The plan also includes 8 programmes and
initiatives to enhance environmental sustainability and benefit from natural
resources.
— Ends/Bishara/AG
