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Oman Economy Profile 2018

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Economy - overviewOman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.

Oman is using enhanced oil recovery techniques to boost production, but has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.

Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which could hinder their implementation.
GDP (purchasing power parity)$187.9 billion (2017 est.)
$187.9 billion (2016 est.)
$182.4 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$71.93 billion (2016 est.)
GDP - real growth rate0% (2017 est.)
3% (2016 est.)
4.2% (2015 est.)
GDP - per capita (PPP)$45,500 (2017 est.)
$46,900 (2016 est.)
$48,300 (2015 est.)
note: data are in 2017 dollars
Gross national saving19.7% of GDP (2017 est.)
19.4% of GDP (2016 est.)
18.3% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 34.5%
government consumption: 24.6%
investment in fixed capital: 35.3%
investment in inventories: 2.1%
exports of goods and services: 51%
imports of goods and services: -47.4% (2017 est.)
GDP - composition by sectoragriculture: 1.7%
industry: 45.2%
services: 53% (2017 est.)
Population below poverty lineNA%
Labor force968,800
note: about 60% of the labor force is non-national (2007 est.)
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Unemployment rate15% (2004 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $22.68 billion
expenditures: $32.07 billion (2017 est.)
Taxes and other revenues31.5% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-13% of GDP (2017 est.)
Public debt41.3% of GDP (2017 est.)
31.4% of GDP (2016 est.)
Inflation rate (consumer prices)3.2% (2017 est.)
1.1% (2016 est.)
Central bank discount rate2% (31 December 2010)
0.05% (31 December 2009)
Commercial bank prime lending rate5.4% (31 December 2017 est.)
5.08% (31 December 2016 est.)
Stock of narrow money$12.7 billion (31 December 2017 est.)
$12.95 billion (31 December 2016 est.)
Stock of broad money$41.44 billion (31 December 2017 est.)
$40.11 billion (31 December 2016 est.)
Stock of domestic credit$48.24 billion (31 December 2017 est.)
$46.47 billion (31 December 2016 est.)
Market value of publicly traded shares$41.12 billion (31 December 2015 est.)
$37.83 billion (31 December 2014 est.)
$36.77 billion (31 December 2013 est.)
Agriculture - productsdates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industriescrude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate0.3% (2017 est.)
Current Account Balance-$10.3 billion (2017 est.)
-$12.32 billion (2016 est.)
Exports$31.9 billion (2017 est.)
$27.54 billion (2016 est.)
Exports - commoditiespetroleum, reexports, fish, metals, textiles
Exports - partnersChina 47.8%, UAE 8.3%, India 4.1% (2016)
Imports$22.71 billion (2017 est.)
$21.29 billion (2016 est.)
Imports - commoditiesmachinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partnersUAE 44.9%, China 4.8%, India 4.8% (2016)
Reserves of foreign exchange and gold$19.96 billion (31 December 2017 est.)
$20.26 billion (31 December 2016 est.)
Debt - external$39.17 billion (31 December 2017 est.)
$27.05 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesOmani rials (OMR) per US dollar -
0.3845 (2017 est.)
0.3845 (2016 est.)
0.3845 (2015 est.)
0.3845 (2014 est.)
0.3845 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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