Standard & Poor’s raises the outlook The Sultanate of Oman from stable to positive affirming credit rating at “BB”
The adjustment of the future outlook came as a result of the governments effort in developing initiatives and measures in Financial and economic aspects.
The agency expects that the continuous government actions will enhance the financial position of the Sultanate of Oman, resulting an increase in its growth flexibility in the face of fluctuations in oil prices.
The agency indicates that efforts are being made to improve the financial performance and policies supporting economic growth were reflected in the reduction of the size of the public debt, and what the gross domestic product is witnessing (at current prices) of strong growth.
The agency expects the public debt to decrease to 16.5 billion Omani riyals by the end of 2023, as the government has successfully reduced the public debt to 16.6 billion Omani riyals during the first quarter of the current year.
The agency expects the non-oil sector to average growth about 3.5% during the period 2025-2026 AD.
The adjustment of the future outlook came as a result of the governments effort in developing initiatives and measures in Financial and economic aspects.
The agency expects that the continuous government actions will enhance the financial position of the Sultanate of Oman, resulting an increase in its growth flexibility in the face of fluctuations in oil prices.
The agency indicates that efforts are being made to improve the financial performance and policies supporting economic growth were reflected in the reduction of the size of the public debt, and what the gross domestic product is witnessing (at current prices) of strong growth.
The agency expects the public debt to decrease to 16.5 billion Omani riyals by the end of 2023, as the government has successfully reduced the public debt to 16.6 billion Omani riyals during the first quarter of the current year.
The agency expects the non-oil sector to average growth about 3.5% during the period 2025-2026 AD.
Hassan
Hassan Al Maqbali
Content Creator & Website Manager at Omanspire
Hassan Al Maqbali is a dedicated content creator and the website manager at Omanspire, where he writes passionately about Oman's culture, history, and the timeless stories that shape the nation’s identity. His work reflects a deep love for the Sultanate and a commitment to sharing its beauty with the world.
Driven by a desire to widen global understanding of Oman, Hassan creates narratives that present the country through diverse perspectives—capturing its people, heritage, landscapes, and evolving cultural heartbeat. Through Omanspire, he hopes to bring readers closer to the spirit of Oman, one story at a time.
