Page last updated on February 5, 2013
Economy - overview:
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.
GDP (purchasing power parity):
$90.66 billion (2012 est.)
country comparison to the world: 76
$86.38 billion (2011 est.)
$81.92 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$79.97 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5% (2012 est.)
country comparison to the world: 57
5.4% (2011 est.)
5% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$28,500 (2012 est.)
country comparison to the world: 48
$28,000 (2011 est.)
$27,500 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 1.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
50.4%
services:
48.1% (2012 est.)
Labor force:
968,800
country comparison to the world: 143
note:
about 60% of the labor force is non-national (2007)
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
NA%
services:
NA%
Unemployment rate:
15% (2004 est.)
country comparison to the world: 146
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Investment (gross fixed):
25.5% of GDP (2012 est.)
country comparison to the world: 43
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $35.55 billion
[see also: Budget revenues country ranks ]
expenditures:
$30.49 billion (2012 est.)
Taxes and other revenues:
44.5% of GDP (2012 est.)
country comparison to the world: 34
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
6.3% of GDP (2012 est.)
country comparison to the world: 10
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
3.6% of GDP (2012 est.)
country comparison to the world: 151
3.8% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
3.5% (2012 est.)
country comparison to the world: 101
4.1% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
2% (31 December 2010 est.)
country comparison to the world: 144
0.05% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
6% (31 December 2012 est.)
country comparison to the world: 139
6.19% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$8.671 billion (31 December 2012 est.)
country comparison to the world: 80
$7.971 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$71.42 billion (31 December 2010 est.)
country comparison to the world: 63
$63.16 billion (31 December 2009 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$26.2 billion (31 December 2012 est.)
country comparison to the world: 74
$23.18 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$19.72 billion (31 December 2011)
country comparison to the world: 63
$20.27 billion (31 December 2010)
$17.3 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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% (2011 est.)
country comparison to the world: 89
[see also: Industrial production growth rate country ranks ]
Current account balance:
$10.22 billion (2012 est.)
country comparison to the world: 28
$10.67 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$48.43 billion (2012 est.)
country comparison to the world: 60
$47.09 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
petroleum, reexports, fish, metals, textiles
Exports - partners:
China 30.2%, South Korea 10.9%, UAE 10.6%, Japan 10.4%, India 9.2%, Thailand 5.3%, US 4.6% (2011)
Imports:
$23.37 billion (2012 est.)
country comparison to the world: 73
$21.35 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners:
UAE 27.7%, Japan 11.9%, US 6.1%, India 5.4%, China 4.2%, Saudi Arabia 4.1%, Germany 4% (2011)
Reserves of foreign exchange and gold:
$15.87 billion (31 December 2012 est.)
country comparison to the world: 64
