| Economy | Oman |
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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. 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 throughout 2010 provides the government greater financial resources to invest in non-oil sectors. |
GDP (purchasing power parity):
|
$80.89 billion (2011 est.)
$77.52 billion (2010 est.)
$74.46 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$26,200 (2011 est.)
$26,000 (2010 est.)
$25,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$66.8 billion (2011 est.) |
GDP - real growth rate:
|
4.4% (2011 est.)
4.1% (2010 est.)
1.1% (2009 est.) |
GDP - composition by sector:
|
agriculture: 1.5%
industry: 51.3%
services: 47.2% (2011 est.) |
Investment (gross fixed):
|
29.5% of GDP (2011 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):
|
4% (2011 est.)
3.2% (2010 est.) |
Central bank discount rate:
|
2% (31 December 2010 est.)
0.05% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
7% (31 December 2011 est.)
6.835% (31 December 2010 est.) |
Stock of money:
|
$5.25 billion (31 December 2008)
$5.044 billion (31 December 2007) |
Stock of money - per capita:
|
1,734 USD per capita |
Stock of quasi money:
|
$14.57 billion (31 December 2008)
$11.04 billion (31 December 2007) |
Stock of quasi money - per capita:
|
4,812 USD per capita |
Stock of domestic credit:
|
$25.07 billion (31 December 2011 est.)
$21.8 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
8,280 USD per capita |
Stock of narrow money:
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$53.08 billion (31 December 2010 est.)
$45.8 billion (31 December 2009 est.) |
Stock of broad money:
|
$71.42 billion (31 December 2010 est.)
$63.16 billion (31 December 2009 est.) |
Labor force:
|
968,800
note: about 60% of the labor force is non-national (2007) |
Labor force participation rate:
|
32.00 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
15% (2004 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $23.75 billion
expenditures: $23.21 billion (2011 est.) |
Budget revenues per capita:
|
7,844 USD per capita |
Taxes and other revenues:
|
35.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
0.8% of GDP (2011 est.) |
Public debt:
|
3.8% of GDP (2011 est.)
5.1% of GDP (2010 est.) |
Industries:
|
crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber |
Industrial production growth rate:
|
5.1% (2011 est.) |
Electricity - production:
|
17.63 billion kWh (2009 est.) |
Electricity - production per capita:
|
5,823 kWh per capita |
Electricity - consumption:
|
13.25 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
4,376 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
867,900 bbl/day (2010 est.) |
Oil - production per capita:
|
286,629 bbl/day per capita |
Oil - consumption:
|
142,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
17.12 bbl/year per capita |
Oil - exports:
|
592,300 bbl/day (2009 est.) |
Oil - imports:
|
27,970 bbl/day (2009 est.) |
Oil - proved reserves:
|
5.5 billion bbl (1 January 2011 est.) |
Natural gas - production:
|
24.76 billion cu m (2009 est.) |
Natural gas - production per capita:
|
8,178 cu m per capita |
Natural gas - consumption:
|
14.72 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
4,862 cu m per capita |
Natural gas - exports:
|
11.54 billion cu m (2009 est.) |
Natural gas - imports:
|
1.5 billion cu m (2009 est.) |
Natural gas - proved reserves:
|
849.5 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish |
Current account balance:
|
$6.233 billion (2011 est.)
$5.097 billion (2010 est.) |
Current account balance - per capita:
|
2,059 USD per capita |
Exports:
|
$43.53 billion (2011 est.)
$36.6 billion (2010 est.) |
Exports per capita:
|
14,377 USD per capita |
Exports - commodities:
|
petroleum, reexports, fish, metals, textiles |
Exports - partners:
|
China 26.3%, South Korea 12.4%, Japan 12.1%, India 11.3%, UAE 10.8%, Thailand 6.6% (2010) |
Imports:
|
$21.47 billion (2011 est.)
$17.87 billion (2010 est.) |
Imports per capita:
|
7,091 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, livestock, lubricants |
Imports - partners:
|
UAE 25.1%, Japan 15.4%, India 5.6%, US 5.5%, China 4.7% (2010) |
Reserves of foreign exchange and gold:
|
$12.66 billion (31 December 2011 est.)
$13.03 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
4,182 USD per capita |
Debt - external:
|
$8.99 billion (31 December 2011 est.)
$7.921 billion (31 December 2010 est.) |
Debt - external - per capita:
|
2,969 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$20.27 billion (31 December 2010)
$17.3 billion (31 December 2009)
$14.91 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
6,695 USD per capita |
Currency (code):
|
Omani rial (OMR) |
Exchange rates:
|
Omani rials (OMR) per US dollar -
0.3845 (2011 est.)
0.3845 (2010 est.)
0.3845 (2009)
0.3845 (2008)
0.3845 (2007) |
Fiscal year:
|
calendar year |
|
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