Overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 70% of government revenues, and more than 50% of GDP. Oman has proved oil reserves of four billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.

GDP: $7.5 billion, per capita $6,110; real growth rate 3.6% (1987 est.)

Inflation rate (consumer prices): 10.0% (1987 est.)

Unemployment rate: NA%

Budget: revenues $3.1 billion; expenditures $4.2 billion, including capital expenditures of $1.0 billion (1989 est.)

Exports: $3.6 billion (f.o.b., 1988 est.); @m5commodities--petroleum, reexports, processed copper, dates, nuts, fish; @m5partners--Japan, South Korea, Thailand

Imports: $1.9 billion (f.o.b., 1988 est.); @m5commodities --machinery, transportation equipment, manufactured goods, food, livestock, lubricants; @m5partners--Japan, UAE, UK, FRG, US

External debt: $3.5 billion (December 1988)

Industrial production: growth rate 5.0% (1986)

Electricity: 1,130,000 kW capacity; 3,591 million kWh produced, 2,840 kWh per capita (1988)

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

Agriculture: based on subsistence farming (fruits, dates, cereals, cattle, camels), fishing; not self-sufficient in food

Aid: NA

Currency: Omani rial (plural--rials); 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 1989 information contained here. All suggestions for corrections of any errors about Oman Economy 1989 should be addressed to the CIA.