Non-Oil GDP Share: 70.5% ▲ +9.5pp vs 2017 | QS Ranking — SQU: #334 ▲ ↑28 places | Fiscal Balance: +2.8% GDP ▲ 3rd surplus year | CPI Rank: 50th ▲ +20 places | Global Innovation Index: 69th ▲ +10 vs 2022 | Green H₂ Pipeline: $30B+ ▲ 2 new deals 2025 | Gross Public Debt: ~35% GDP ▲ ↓ from 44% | Digitalised Procedures: 2,680 ▲ of 2,869 target | Non-Oil GDP Share: 70.5% ▲ +9.5pp vs 2017 | QS Ranking — SQU: #334 ▲ ↑28 places | Fiscal Balance: +2.8% GDP ▲ 3rd surplus year | CPI Rank: 50th ▲ +20 places | Global Innovation Index: 69th ▲ +10 vs 2022 | Green H₂ Pipeline: $30B+ ▲ 2 new deals 2025 | Gross Public Debt: ~35% GDP ▲ ↓ from 44% | Digitalised Procedures: 2,680 ▲ of 2,869 target |

Fiscal Balance (% GDP) Tracker

KPI Status 🟢

Value
Baseline (2017-2018)-11.7% (2017)
Current Estimate+2.8% (2024 est)
2030 Target≤-3%
2040 TargetSurplus territory
StatusAhead Of Target

Indicator Analysis

The fiscal balance is Vision 2040’s most impressive achievement — a turnaround from -11.7% GDP deficit (2017) to +2.8% surplus (2024 estimate) in seven years.

Surpluses: Three consecutive surpluses (2022, 2023, 2024) represent a structural change in Oman’s fiscal position, not merely a cyclical improvement.

Target exceedance: The 2030 interim target of “not exceeding -3%” has been dramatically exceeded — Oman is already in surplus territory, ahead of the 2040 “surplus territory” target.

Drivers

  • Higher oil prices (2022-2023)
  • VAT revenue (~1-1.5% of GDP annually since 2021)
  • Expenditure rationalisation
  • Improved non-oil revenues
  • Debt management (lower interest costs as ratings improved)

Risk Factors

Oil price dependency: If Brent crude falls significantly below $75-80/barrel (Oman’s estimated break-even), the surplus could reverse. The 2024 surplus partially reflects oil prices above this level.

Spending pressures: Vision 2040 investment requirements (infrastructure, education, healthcare) create pressure on public expenditure. Maintaining fiscal discipline while meeting Vision 2040 investment commitments is the ongoing challenge.

Debt Trajectory

Gross debt declining from 44% to approximately 35% of GDP — well within the 60% ceiling target and creating meaningful fiscal headroom for counter-cyclical response if oil prices decline.

Data Sources

This indicator is drawn from: official Oman Vision 2040 Progress Reports (IFU/Supreme Council for Planning), NCSI national statistics, and relevant international organisations (UNDP, World Bank, IMF, WIPO as applicable).

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