| Economy | 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. 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% by 2020. Some of these projects may be in jeopardy, however, because Muscat overestimated its ability to produce or secure the natural gas needed to power them. 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. The drop in oil prices and the global financial crisis in 2008 will affect Oman's fiscal position and it may post a deficit in 2009 if oil prices stay low. In addition, the global credit crisis is slowing the pace of investment and development projects - a trend that probably will continue into 2009. |
GDP (purchasing power parity):
|
$67 billion (2008 est.)
$62.97 billion (2007)
$59.51 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$20,200 (2008 est.)
$19,600 (2007 est.)
$19,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$56.32 billion (2008 est.) |
GDP - real growth rate:
|
6.7% (2008 est.)
5.8% (2007 est.)
7.5% (2006 est.) |
GDP - composition by sector:
|
agriculture: 2.1%
industry: 37.2%
services: 60.7% (2008 est.) |
Investment (gross fixed):
|
17.9% of GDP (2008 est.) |
Population below poverty line:
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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):
|
12.5% (2008 est.) |
Central bank discount rate:
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1.98% (31 December 2007) |
Commercial bank prime lending rate:
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7.29% (31 December 2007) |
Stock of money:
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$4.984 billion (31 December 2007) |
Stock of money - per capita:
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1,459 USD per capita |
Stock of quasi money:
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$11.04 billion (31 December 2007) |
Stock of quasi money - per capita:
|
3,230 USD per capita |
Stock of domestic credit:
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$13.88 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
4,061 USD per capita |
Labor force:
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920,000 (2002 est.) |
Labor force participation rate:
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26.92 % of population |
Labor force - by occupation:
|
agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
|
15% (2004 est.) |
Budget:
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revenues: $14.6 billion
expenditures: $16.7 billion (2009 est.) |
Budget revenues per capita:
|
4,272 USD per capita |
Public debt:
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2.4% 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% (2008 est.) |
Electricity - production:
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14.43 billion kWh (2007) |
Electricity - production per capita:
|
4,222 kWh per capita |
Electricity - consumption:
|
11.19 billion kWh (2007) |
Electricity - consumption - per capita:
|
3,274 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
758,600 bbl/day (2008 est.) |
Oil - production per capita:
|
221,938 bbl/day per capita |
Oil - consumption:
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69,100 bbl/day (2006 est.) |
Oil - consumption - per capita:
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7.38 bbl/year per capita |
Oil - exports:
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593,700 bbl/day (2008 est.) |
Oil - imports:
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15,440 bbl/day (2005) |
Oil - proved reserves:
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5.5 billion bbl (1 January 2008 est.) |
Natural gas - production:
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24.1 billion cu m (2007 est.) |
Natural gas - production per capita:
|
7,051 cu m per capita |
Natural gas - consumption:
|
11 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
3,219 cu m per capita |
Natural gas - exports:
|
13.1 billion cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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849.5 billion cu m (1 January 2008 est.) |
Agriculture - products:
|
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish |
Current account balance:
|
$5.669 billion (2008 est.) |
Current account balance - per capita:
|
1,659 USD per capita |
Exports:
|
$33.9 billion f.o.b. (2008 est.) |
Exports per capita:
|
9,918 USD per capita |
Exports - commodities:
|
petroleum, reexports, fish, metals, textiles |
Exports - partners:
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China 26.8%, South Korea 15.2%, Japan 14.3%, Thailand 10.4%, UAE 7.6%, US 4.3%, Iran 4.1% (2007) |
Imports:
|
$13.32 billion f.o.b. (2008 est.) |
Imports per capita:
|
3,897 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, livestock, lubricants |
Imports - partners:
|
UAE 19.3%, Japan 17.6%, US 7.4%, Germany 5.2%, India 4.1% (2007) |
Reserves of foreign exchange and gold:
|
$11.11 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,251 USD per capita |
Debt - external:
|
$6.12 billion (31 December 2008 est.) |
Debt - external - per capita:
|
1,791 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:
|
$23.49 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
6,873 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$30.68 million (2005) |
Economic aid - recipient per capita:
|
9 USD per capita |
Currency (code):
|
Omani rial (OMR) |
Exchange rates:
|
Omani rials (OMR) per US dollar - 0.3845 (2008 est.), 0.3845 (2007), 0.3845 (2006), 0.3845 (2005), 0.3845 (2004) |
Fiscal year:
|
calendar year |
|
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