Omani Economy
Economy - overview: Oman is heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups.
GDP (purchasing power parity): $162.4 billion (2014 est.)
GDP (official exchange rate): $77.76 billion (2014 est.)
GDP - real growth rate: 2.9% (2014 est.)
GDP - per capita (PPP): $39,700 (2014 est.)
GDP - composition by sector: agriculture: 1.3%
industry: 55.2%
services: 43.5% (2014 est.)
Labor force: 968,800
note: about 60% of the labor force is non-national (2007)
Labor force - by occupation: agriculture: NA%
industry: NA%
services: NA%
Unemployment rate: 15% (2004 est.)
Household income or consumption by percentage share: lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed): 31.4% of GDP (2009 est.)
Budget: revenues: $40.09 billion
expenditures: $37.65 billion (2014 est.)
Public debt: 4.7% of GDP (2014 est.)
Inflation rate (consumer prices): 2.8% (2014 est.)
Central bank discount rate: 2% (31 December 2010 est.)
Commercial bank prime lending rate: 5.5% (31 December 2014 est.)
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: 2.7% (2014 est.)
Electricity - production: 20.07 billion kWh (2011 est.)
Electricity - consumption: 17.23 billion kWh (2011 est.)
Electricity - exports: 0 kWh (2013 est.)
Electricity - imports: 0 kWh (2013 est.)
Oil - production: 944,800 bbl/day (2013 est.)
Oil - consumption: 81,000 bbl/day (2008 est.)
Oil - exports: 833,400 bbl/day (2013 est.)
Oil - imports: 0 bbl/day (2010 est.)
Oil - proved reserves: 5.5 billion bbl (1 January 2014 est.)
Natural gas - production: 29.29 billion cu m (2012 est.)
Natural gas - consumption: 20.26 billion cu m (2012 est.)
Natural gas - exports: 10.87 billion cu m (2012 est.)
Natural gas - imports: 1.836 billion cu m (2012 est.)
Natural gas - proved reserves: 849.5 billion cu m (1 January 2014 est.)
Current account balance: $7.978 billion (2014 est.)
Exports: $58.74 billion (2014 est.)
Exports - commodities: petroleum, reexports, fish, metals, textiles
Exports - partners: China 43%, UAE 10.3%, South Korea 8.2% (2014)
Imports: $34.37 billion (2014 est.)
Imports - commodities: machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners: UAE 32.5%, Japan 12.2%, China 4.8%, India 4.3%, US 4.3%, Saudi Arabia 4.1% (2014)
Reserves of foreign exchange and gold: $17.85 billion (31 December 2014 est.)
Debt - external: $11.3 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $NA
Stock of direct foreign investment - abroad: $NA
Exchange rates: Omani rials (OMR) per US dollar - 0.3845 (2014 est.), 0.3845 (2013 est.), 0.3845 (2012 est.), 0.3845 (2011 est.), 0.3845 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team