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The private enterprises played a very significant role in driving growth in the country as indicated by the statistics. It assists in increasing the economy and fostering development. In the recent report, Oman’s private sector achieved milestones and reflected innovation, growth, resilience, and commitment.
Private firms are a hub of job creation, providing more employment opportunities, and boosting the economy. The landscape promotes an entrepreneurial ecosystem and assists startups to flourish. The private sector also serves as a key player in contributing to GDP growth. Similarly, the government sector played significant role by assisting and supporting the private sector. Through the partnership of private and public sector socio-economic challenges are tackled.
Delve into Statistics
According to the preliminary report quarter 4 2023, private sector operating in Oman amounted to almost RO 8.85 billion. As per the statistics, the contribution to GDP reached almost 81.2% in quarter 4 during 2023. Additionally, the percentage of Q4 in 2022 was 84%. The value of large enterprises decreased by 6.5% in comparison to the quarter of 2022.
Moreover, the added value of medium enterprises and small enterprises decreased by 3.2% and 2% respectively. And total micro establishment added value reached RO 870.7 million, for 8% and there was an increase of 0.74%. In Oman, the number of employees in private sector enterprises increased by almost 6.4%, and in Q4 during 2023 it reached up to 1.82 million employees. As of Q4 2022, the number of employees was 1.71 million. There is an increase of 8.7% in the number of establishments as compared to 2022.
Conclusion
The spectacular increase in added value of private enterprises indicated the substantial role of Oman’s private sector in boosting economic growth. The private sector serves as a key in embarking on the future of the region.