unbekannter Gast

Oman: Economy#

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, 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 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.

Economic Facts#

GDP (purchasing power parity)$94.86 billion (2013 est.)
$90.28 billion (2012 est.)
$85.99 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate5.1% (2013 est.)
5% (2012 est.)
4.5% (2011 est.)
GDP - per capita (PPP)$29,800 (2013 est.)
$29,200 (2012 est.)
$28,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 1%
industry: 64.4%
services: 34.6% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Exports - commoditiespetroleum, reexports, fish, metals, textiles
Exports - partnersChina 31.8%, Japan 12.9%, UAE 10.4%, South Korea 10%, Thailand 4.4%, Singapore 4.4% (2012)
Agriculture - productsdates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Budgetrevenues: $34.42 billion
expenditures: $35.48 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partnersUAE 24.1%, Japan 12.5%, India 8.5%, China 6.3%, US 6.1% (2012)
Exchange ratesOmani rials (OMR) per US dollar -
0.3845 (2013 est.)
0.3845 (2012 est.)
0.3845 (2010 est.)
0.3845 (2009)
0.3845 (2008)
Exports$56.22 billion (2013 est.)
$52.14 billion (2012 est.)
Debt - external$10.84 billion (31 December 2013 est.)
$9.99 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$30.75 billion (2013 est.)
$25.63 billion (2012 est.)
Industrial production growth rate3.5% (2013 est.)
Industriescrude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
Inflation rate (consumer prices)1.6% (2013 est.)
2.9% (2012 est.)
Labor force968,800
note: about 60% of the labor force is non-national (2007)
Unemployment rate15% (2004 est.)
Public debt4.4% of GDP (2013 est.)
4.3% of GDP (2012 est.)
Current account balance$7.249 billion (2013 est.)
$8.312 billion (2012 est.)
Reserves of foreign exchange and gold$17.7 billion (31 December 2013 est.)
$14.4 billion (31 December 2012 est.)
GDP (official exchange rate)$81.95 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$20.11 billion (31 December 2012 est.)
$19.72 billion (31 December 2011)
$20.27 billion (31 December 2010 est.)
Central bank discount rate2% (31 December 2010 est.)
0.05% (31 December 2009 est.)
Commercial bank prime lending rate5.8% (31 December 2013 est.)
5.65% (31 December 2012 est.)
Stock of domestic credit$29.97 billion (31 December 2013 est.)
$27.62 billion (31 December 2012 est.)
Stock of narrow money$9.537 billion (31 December 2013 est.)
$9.083 billion (31 December 2012 est.)
Stock of broad money$71.42 billion (31 December 2010 est.)
$63.16 billion (31 December 2009 est.)
Taxes and other revenues42% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 30.5%
government consumption: 17.8%
investment in fixed capital: 27.3%
investment in inventories: -0.5%
exports of goods and services: 63.8%
imports of goods and services: -39.4%
(2013 est.)
Gross national saving36.2% of GDP (2013 est.)
37.4% of GDP (2012 est.)
41% of GDP (2011 est.)