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Oman Economy 1996

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 parity - $17 billion (1994 est.)

National product real growth rate:

0.5% (1994 est.)

National product per capita:

$10,020 (1994 est.)

Inflation rate (consumer prices):

1.2% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$4.4 billion

expenditures:

$5.2 billion, including capital expenditures of $1 billion (1994 est.)

Exports:

$4.8 billion (f.o.b., 1994 est.)

commodities:

petroleum 87%, re-exports, fish, processed copper, textiles

partners:

UAE 33%, Japan 20%, South Korea 14%, China 7% (1993)

Imports:

$4.1 billion (c.i.f., 1994 est.)

commodities:

machinery, transportation equipment, manufactured goods, food, livestock, lubricants

partners:

UAE 24% (largely re-exports), Japan 21%, UK 12%, US 7%, France 6% (1993)

External debt:

$3 billion (1993)

Industrial production:

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

Electricity:

capacity:

1,540,000 kW

production:

6 billion kWh

consumption per capita:

3,407 kWh (1993)

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

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