| People | Oman |
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Economy - overview:
|
Oman is a middle-income economy that is heavily dependent on dwindling oil resources, but sustained high oil prices in recent years have helped build Oman's budget and trade surpluses and foreign reserves. Oman joined the World Trade Organization in November 2000 and continues to liberalize its markets. It ratified a free trade agreement with the US in September 2006, and, through the Gulf Cooperation Council, seeks similar agreements with the EU, China and Japan. As a result of its dwindling oil resources, Oman is actively pursuing a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9 percent by 2020. Muscat is attempting to "Omanize" the labor force by replacing foreign expatriate workers with local workers. Oman actively seeks private foreign investors, especially in the industrial, information technology, tourism, and higher education fields. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports. |
GDP (purchasing power parity):
|
$61.61 billion (2007 est.) |
GDP (official exchange rate):
|
$40.06 billion (2007 est.) |
GDP - real growth rate:
|
6.4% (2007 est.) |
GDP - per capita (PPP):
|
$24,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 2.2%
industry: 38.3%
services: 59.5% (2007 est.) |
Investment (gross fixed):
|
20.3% of GDP (2007 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
5.5% (2007 est.) |
Labor force:
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920,000 (2002 est.) |
Labor force participation rate:
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27.78 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
15% (2004 est.) |
Budget:
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revenues: $13.99 billion
expenditures: $13.68 billion (2007 est.) |
Budget revenues per capita:
|
4,225 USD per capita |
Public debt:
|
3.8% of GDP (2007 est.) |
Industries:
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crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber |
Industrial production growth rate:
|
3.2% (2007 est.) |
Electricity - production:
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11.89 billion kWh (2005) |
Electricity - production per capita:
|
3,591 kWh per capita |
Electricity - consumption:
|
8.661 billion kWh (2005) |
Electricity - consumption - per capita:
|
2,616 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
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740,000 bbl/day (2006 est.) |
Oil - production per capita:
|
223,455 bbl/day per capita |
Oil - consumption:
|
66,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
7.27 bbl/year per capita |
Oil - exports:
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733,100 bbl/day (2004) |
Oil - imports:
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15,440 bbl/day (2004) |
Oil - proved reserves:
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4.85 billion bbl (2007 est.) |
Natural gas - production:
|
18.98 billion cu m (2005 est.) |
Natural gas - production per capita:
|
5,732 cu m per capita |
Natural gas - consumption:
|
8.795 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
|
2,656 cu m per capita |
Natural gas - exports:
|
10.19 billion cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
795.2 billion cu m (1 January 2006 est.) |
Agriculture - products:
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dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish |
Current account balance:
|
$3.996 billion (2007 est.) |
Current account balance - per capita:
|
1,207 USD per capita |
Exports:
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$22.89 billion f.o.b. (2007 est.) |
Exports per capita:
|
6,912 USD per capita |
Exports - commodities:
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petroleum, reexports, fish, metals, textiles |
Exports - partners:
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China 23.6%, South Korea 17.9%, Japan 10.9%, Thailand 10.7%, South Africa 7.7%, UAE 6.3% (2006) |
Imports:
|
$11 billion f.o.b. (2007 est.) |
Imports per capita:
|
3,322 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, livestock, lubricants |
Imports - partners:
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UAE 22.5%, Japan 16.5%, US 8.1%, Germany 5.4%, India 4.4% (2006) |
Reserves of foreign exchange and gold:
|
$9.524 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,876 USD per capita |
Debt - external:
|
$5.297 billion (31 December 2007 est.) |
Debt - external - per capita:
|
1,600 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - abroad:
|
$NA |
Market value of publicly traded shares:
|
$16.16 billion (2006) |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$30.68 million (2005) |
Economic aid - recipient per capita:
|
10 USD per capita |
Currency (code):
|
Omani rial (OMR) |
Exchange rates:
|
Omani rials per US dollar - 0.3845 (2007), 0.3845 (2006), 0.3845 (2005), 0.3845 (2004), 0.3845 (2003) |
Fiscal year:
|
calendar year |
|
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