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.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$52.34 billion (2009 est.)
GDP - real growth rate:
2.6% (2009 est.)
GDP - per capita (PPP):
$20,300 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 2.1%
industry:
36.3%
services:
61.6% (2009 est.)
Labor force:
968,800
note:
about 60% of the labor force is non-national (2007)
Labor force - by occupation:
agriculture: NA%
industry:
NA%
services:
NA%
Unemployment rate:
15% (2004 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Investment (gross fixed):
31.4% of GDP (2009 est.)
Budget:
revenues: $18.75 billion
expenditures:
$18.35 billion (2009 est.)
Public debt:
2.8% of GDP (2009 est.)
Inflation rate (consumer prices):
5.3% (2009 est.)
Central bank discount rate:
0.91% (31 December 2008)
Commercial bank prime lending rate:
7.1% (31 December 2008)
Stock of money:
$5.25 billion (31 December 2008)
Stock of quasi money:
$14.57 billion (31 December 2008)
Stock of domestic credit:
$17.83 billion (31 December 2008)
Market value of publicly traded shares:
$14.91 billion (31 December 2008)
Agriculture - products:
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industries:
crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate:
3.4% (2009 est.)
Electricity - production:
13.58 billion kWh (2007 est.)
Electricity - consumption:
11.36 billion kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
806,000 bbl/day (2008 est.)
Oil - consumption:
81,000 bbl/day (2008 est.)
Oil - exports:
593,700 bbl/day (2008 est.)
Oil - imports:
17,290 bbl/day (2007 est.)
Oil - proved reserves:
5.5 billion bbl (1 January 2009 est.)
Natural gas - production:
24 billion cu m (2008 est.)
Natural gas - consumption:
13.46 billion cu m (2008 est.)
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.)
Current account balance:
$612 million (2009 est.)
Exports:
$29.34 billion (2009 est.)
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.)
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.)
Debt - external:
$7.474 billion (31 December 2009 est.)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Omani rials (OMR) per US dollar - 0.3845 (2009), 0.3845 (2008), 0.3845 (2007), 0.3845 (2006), 0.3845 (2005)
NOTE: The information regarding Oman on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 2010 information contained here. All suggestions for corrections of any errors about Oman Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10