Overview: Economic performance is closely tied to the fortunes of the oil industry, including trends in international oil prices and the ability of OPEC producers to agree on output quotas. Petroleum accounts for more than 85% of export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.

National product: GDP - purchasing power equivalent - $16.4 billion (1993 est.)

National product real growth rate: 6.1% (1993 est.)

National product per capita: $10,000 (1993 est.)

Inflation rate (consumer prices): 2% (1993 est.)

Unemployment rate: NA%

Budget:
revenues: $4.4 billion
expenditures: $5.2 billion, including capital expenditures of $1 billion (1994 est.)

Exports: $5 billion (f.o.b., 1993 est.)
commodities: petroleum 87%, re-exports, fish, processed copper, textiles
partners: UAE 30%, Japan 27%, South Korea 10%, Singapore 5% (1991)

Imports: $3.7 billion (f.o.b, 1993 est.)
commodities: machinery, transportation equipment, manufactured goods, food, livestock, lubricants
partners: Japan 20%, UAE 14%, UK 19%, US 7% (1991)

External debt: $3 billion (1993)

Industrial production: growth rate 8.6% (1991); accounts for almost 60% of GDP, including petroleum

Electricity:
capacity: 1,142,400 kW
production: 5.1 billion kWh
consumption per capita: 3,200 kWh (1992)

Industries: crude oil production and refining, natural gas production, construction, cement, copper

Agriculture: accounts for 4% of GDP and 40% of the labor force (including fishing); less than 2% of land cultivated; largely subsistence farming (dates, limes, bananas, alfalfa, vegetables, camels, cattle); not self-sufficient in food; annual fish catch averages 100,000 metric tons

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $137 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $148 million; OPEC bilateral aid (1979-89), $797 million

Currency: 1 Omani rial (RO) = 1,000 baiza
Exchange rates: Omani rials (RO) per US$1 - 0.3845 (fixed rate since 1986)

Fiscal year: calendar year

NOTE: The information regarding Oman on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 1995 information contained here. All suggestions for corrections of any errors about Oman Economy 1995 should be addressed to the CIA.