Economy - overview:
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets and joined the World Trade Organization (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown and then fell back to 2.2% in 2002. In order to reduce unemployment, the government is trying to replace expatriate workers with local workers. Another government objective is the development of the nation's gas resources.
GDP:
purchasing power parity - $22.4 billion (2002 est.)
GDP - real growth rate:
2.2% (2002 est.)
GDP - per capita:
purchasing power parity - $8,300 (2002 est.)
GDP - composition by sector:
agriculture: 3%
industry: 55%
services: 42% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
-0.5% (2002 est.)
Labor force:
920,000 (2002 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
NA%
Budget:
revenues: $9.2 billion
expenditures: $6.9 billion, including capital expenditures of $NA (2000 est.)
Industries:
crude oil production and refining, natural gas production, construction, cement, copper
Industrial production growth rate:
4% (2000 est.)
Electricity - production:
9.274 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
8.625 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
963,800 bbl/day (2001 est.)
Oil - consumption:
53,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
5.703 billion bbl (January 2002 est.)
Natural gas - proved reserves:
846.4 billion cu m (January 2002 est.)
Agriculture - products:
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Exports:
$10.6 billion f.o.b. (2002 est.)
Exports - commodities:
petroleum, reexports, fish, metals, textiles
Exports - partners:
China 22.3%, Japan 18.7%, South Korea 17.6%, Thailand 9.6%, UAE 7.6%, US (2001)
Imports:
$5.5 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners:
UAE 28.4% (largely reexports), Japan 15.1%, UK 8.2%, US 5.8%, Germany 4.5%, Italy (2001)
Debt - external:
$5.7 billion (2002 est.)
Economic aid - recipient:
$76.4 million (1995)
Currency:
Omani rial (OMR)
Currency code:
OMR
Exchange rates:
Omani rials per US dollar - 0.3845 (2002), 0.3845 (2001), 0.3845 (2000), 0.3845 (1999), 0.3845 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Oman on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Oman Economy 2003 should be addressed to the CIA.
