Oman Economy Profile 2009

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)

$66.98 billion (2008 est.)
$62.95 billion (2007 est.)
$59.5 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$52.58 billion (2008 est.)

GDP - real growth rate

6.4% (2008 est.)
5.8% (2007 est.)
7.5% (2006 est.)

GDP - per capita (PPP)

$20,200 (2008 est.)
$19,600 (2007 est.)
$19,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 2.1%
industry: 36.1%
services: 61.8% (2008 est.)

Population below poverty line

NA%

Labor force

968,800 (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)

27.2% of GDP (2008 est.)

Budget

revenues: $18.13 billion
expenditures: $15.95 billion (2008 est.)

Public debt

2.7% of GDP (2008 est.)
10.3% of GDP (2004 est.)

Inflation rate (consumer prices)

12.5% (2008 est.)
5.9% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
1.98% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
7.29% (31 December 2007)

Stock of money

$NA (31 December 2008)
$5.044 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$11.04 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$13.88 billion (31 December 2007)

Industries

crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber

Industrial production growth rate

3.5% (2008 est.)

Electricity - production

14.43 billion kWh (2007)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

11.19 billion kWh (2007)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

758,600 bbl/day (2008 est.)

Oil - consumption

69,100 bbl/day (2006 est.)

Oil - imports

15,440 bbl/day (2005)

Oil - exports

593,700 bbl/day (2008 est.)

Oil - proved reserves

4.8 billion bbl (1 January 2008 est.)

Natural gas - production

24.1 billion cu m (2007 est.)

Natural gas - consumption

11 billion cu m (2007 est.)

Natural gas - exports

13.1 billion cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

849.5 billion cu m (1 January 2008 est.)

Current Account Balance

$9.361 billion (2008 est.)
$1.933 billion (2007 est.)

Agriculture - products

dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Exports

$37.71 billion (2008 est.)
$24.72 billion (2007 est.)

Exports - commodities

petroleum, reexports, fish, metals, textiles

Exports - partners

China 31.4%, Japan 15.9%, South Korea 13.6%, Thailand 7.8%, UAE 7.2% (2008)

Imports

$16.66 billion (2008 est.)
$14.34 billion (2007 est.)

Imports - commodities

machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners

Japan 19.5%, UAE 17.9%, US 7%, Germany 6.8% (2008)

Reserves of foreign exchange and gold

$11.58 billion (31 December 2008 est.)
$9.524 billion (31 December 2007 est.)

Debt - external

$6.879 billion (31 December 2008 est.)
$5.297 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$14.91 billion (31 December 2008)
$23.06 billion (31 December 2007)
$16.16 billion (31 December 2006)

Economic aid - recipient

$30.68 million (2005)

Currency (code)

OMR

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