| 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, 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. 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 in 2009, giving the country more time to diversify. The drop in oil prices in 2008 and the global financial crisis reduced Oman's budget surplus in 2009 and slowed the pace of investment and development projects, but GDP growth still was positive, in part because Muscat implemented an expansionary fiscal policy. |
GDP (purchasing power parity):
|
$69.43 billion (2009 est.)
$67.67 billion (2008 est.)
$63.6 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$20,300 (2009 est.)
$20,400 (2008 est.)
$19,800 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$52.34 billion (2009 est.) |
GDP - real growth rate:
|
2.6% (2009 est.)
6.4% (2008 est.)
5.8% (2007 est.) |
GDP - composition by sector:
|
agriculture: 2.1%
industry: 36.3%
services: 61.6% (2009 est.) |
Investment (gross fixed):
|
31.4% of GDP (2009 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):
|
5.3% (2009 est.)
12.5% (2008 est.) |
Central bank discount rate:
|
0.91% (31 December 2008)
1.98% (31 December 2007) |
Commercial bank prime lending rate:
|
7.1% (31 December 2008)
7.29% (31 December 2007) |
Stock of money:
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$5.25 billion (31 December 2008)
$5.044 billion (31 December 2007) |
Stock of money - per capita:
|
1,536 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:
|
4,263 USD per capita |
Stock of domestic credit:
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$17.83 billion (31 December 2008)
$13.88 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
5,217 USD per capita |
Labor force:
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968,800
note: about 60% of the labor force is non-national (2007) |
Labor force participation rate:
|
28.34 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
15% (2004 est.) |
Budget:
|
revenues: $18.75 billion
expenditures: $18.35 billion (2009 est.) |
Budget revenues per capita:
|
5,486 USD per capita |
Public debt:
|
2.8% of GDP (2009 est.)
2.8% of GDP (2008 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:
|
3.4% (2009 est.) |
Electricity - production:
|
13.58 billion kWh (2007 est.) |
Electricity - production per capita:
|
3,973 kWh per capita |
Electricity - consumption:
|
11.36 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
3,324 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
806,000 bbl/day (2008 est.) |
Oil - production per capita:
|
235,805 bbl/day per capita |
Oil - consumption:
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81,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
8.65 bbl/year per capita |
Oil - exports:
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593,700 bbl/day (2008 est.) |
Oil - imports:
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17,290 bbl/day (2007 est.) |
Oil - proved reserves:
|
5.5 billion bbl (1 January 2009 est.) |
Natural gas - production:
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24 billion cu m (2008 est.) |
Natural gas - production per capita:
|
7,022 cu m per capita |
Natural gas - consumption:
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13.46 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
3,938 cu m per capita |
Natural gas - exports:
|
10.89 billion cu m (2008 est.) |
Natural gas - imports:
|
350 million cu m (2008 est.) |
Natural gas - proved reserves:
|
849.5 billion cu m (1 January 2009 est.) |
Agriculture - products:
|
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish |
Current account balance:
|
$612 million (2009 est.)
$5.523 billion (2008 est.) |
Current account balance - per capita:
|
180 USD per capita |
Exports:
|
$29.34 billion (2009 est.)
$37.72 billion (2008 est.) |
Exports per capita:
|
8,584 USD per capita |
Exports - commodities:
|
petroleum, reexports, fish, metals, textiles |
Exports - partners:
|
China 31.7%, South Korea 17%, UAE 11.7%, Japan 11%, Thailand 7.1% (2008) |
Imports:
|
$18.41 billion (2009 est.)
$20.71 billion (2008 est.) |
Imports per capita:
|
5,387 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, livestock, lubricants |
Imports - partners:
|
UAE 27.2%, Japan 15.6%, US 5.7%, China 4.6%, India 4.5%, South Korea 4.2%, Germany 4.2% (2008) |
Reserves of foreign exchange and gold:
|
$13.58 billion (31 December 2009 est.)
$11.58 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,973 USD per capita |
Debt - external:
|
$7.474 billion (31 December 2009 est.)
$7.68 billion (31 December 2008 est.) |
Debt - external - per capita:
|
2,187 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:
|
$14.91 billion (31 December 2008)
$23.06 billion (31 December 2007)
$16.16 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
4,363 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$30.68 million |
Economic aid - recipient per capita:
|
9 USD per capita |
Currency (code):
|
Omani rial (OMR) |
Exchange rates:
|
Omani rials (OMR) per US dollar - 0.3845 (2009), 0.3845 (2008), 0.3845 (2007), 0.3845 (2006), 0.3845 (2005) |
Fiscal year:
|
calendar year |
|
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