Arabic   |     English


Economy of Oman



Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.

In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. GDP (purchasing power parity):

$94.86 billion (2013 est.)
country comparison to the world: 77
$90.28 billion (2012 est.)
$85.99 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate):
$81.95 billion (2013 est.)
GDP - real growth rate:
5.1% (2013 est.)
country comparison to the world: 53
5% (2012 est.)
4.5% (2011 est.)
GDP - per capita (PPP):
$29,800 (2013 est.)
country comparison to the world: 50
$29,200 (2012 est.)
$28,700 (2011 est.)
note: data are in 2013 US dollars
Gross national saving:

36.2% of GDP (2013 est.)
country comparison to the world: 15
37.4% of GDP (2012 est.)
41% of GDP (2011 est.)
GDP - composition, by end use:

household consumption: 30.5%
government consumption: 17.8%
investment in fixed capital: 27.3%
investment in inventories: -0.5%
exports of goods and services: 63.8%
imports of goods and services: -39.4%
(2013 est.)
GDP - composition, by sector of origin:
agriculture: 1%
industry: 64.4%
services: 34.6% (2013 est.)
Agriculture - products:

dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industries:
crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate:
3.5% (2013 est.)
country comparison to the world: 85
Labor force:
968,800 country comparison to the world: 144
note: about 60% of the labor force is non-national (2007)
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
15% (2004 est.)
country comparison to the world: 139
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $34.42 billion
expenditures: $35.48 billion (2013 est.)
Taxes and other revenues:
42% of GDP (2013 est.)
country comparison to the world: 31
Budget surplus (+) or deficit (-):
-1.3% of GDP (2013 est.)
country comparison to the world: 68
Public debt:
4.4% of GDP (2013 est.)
country comparison to the world: 160
4.3% of GDP (2012 est.)
Fiscal year:

calendar year Inflation rate (consumer prices):
1.6% (2013 est.)
country comparison to the world: 46
2.9% (2012 est.)
Central bank discount rate:
2% (31 December 2010 est.)
country comparison to the world: 143
0.05% (31 December 2009 est.)
Commercial bank prime lending rate:
5.8% (31 December 2013 est.)
country comparison to the world: 139
5.65% (31 December 2012 est.)
Stock of narrow money:
$9.537 billion (31 December 2013 est.)
country comparison to the world: 79
$9.083 billion (31 December 2012 est.)
Stock of broad money:
$71.42 billion (31 December 2010 est.)
country comparison to the world: 62
$63.16 billion (31 December 2009 est.)
Stock of domestic credit:
$29.97 billion (31 December 2013 est.)
country comparison to the world: 70
$27.62 billion (31 December 2012 est.)
Market value of publicly traded shares:

$20.11 billion (31 December 2012 est.)
country comparison to the world: 59
$19.72 billion (31 December 2011)
$20.27 billion (31 December 2010 est.)
Current account balance:
$7.249 billion (2013 est.)
country comparison to the world: 27
$8.312 billion (2012 est.)
Exports:
$56.22 billion (2013 est.)
country comparison to the world: 57
$52.14 billion (2012 est.)
Exports - commodities:

petroleum, reexports, fish, metals, textiles
Exports - partners:
China 31.8%, Japan 12.9%, UAE 10.4%, South Korea 10%, Thailand 4.4%, Singapore 4.4% (2012)
Imports:
$30.75 billion (2013 est.)
country comparison to the world: 67
$25.63 billion (2012 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners:
UAE 24.1%, Japan 12.5%, India 8.5%, China 6.3%, US 6.1% (2012)
Reserves of foreign exchange and gold:
$17.7 billion (31 December 2013 est.)
country comparison to the world: 62
$14.4 billion (31 December 2012 est.)
Debt - external:
$10.84 billion (31 December 2013 est.)
country comparison to the world: 99
$9.99 billion (31 December 2012 est.)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Omani rials (OMR) per US dollar -
0.3845 (2013 est.)
0.3845 (2012 est.)
0.3845 (2010 est.)
0.3845 (2009)
0.3845 (2008)





|   Home    | About Us    | News    | Gallery    | Economy    | Contact Us    | Useful Links   |