unbekannter Gast

Oman: Economy#

Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2015, low global oil prices drove Oman’s budget deficit to $6.5 billion, or nearly 11% of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit.

Oman is using enhanced oil recovery techniques to boost production and 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 from 46% at present to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy.

Muscat also is focused on creating more jobs to employ the rising number of Omanis entering the workforce. Increases in social welfare benefits, however, particularly since the Arab Spring, dating to 2011, have challenged the government's ability to effectively balance its budget, as oil prices decline. Omani officials intend to reduce social entitlements to cut the deficit but have faced stiff public opposition to spending cuts, hindering their implementation.

Economic Facts#

GDP (purchasing power parity)$173.1 billion (2016 est.)
$170 billion (2015 est.)
$164.6 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$59.68 billion (2015 est.)
GDP - real growth rate1.8% (2016 est.)
3.3% (2015 est.)
2.9% (2014 est.)
GDP - per capita (PPP)$43,700 (2016 est.)
$44,300 (2015 est.)
$44,300 (2014 est.)
note: data are in 2016 dollars
Gross national saving9.7% of GDP (2016 est.)
11.5% of GDP (2015 est.)
27.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 41%
government consumption: 28.4%
investment in fixed capital: 37%
investment in inventories: -4.7%
exports of goods and services: 49.4%
imports of goods and services: -51.1% (2016 est.)
GDP - composition, by sector of originagriculture: 1.7%
industry: 45.4%
services: 52.9% (2016 est.)
Agriculture - productsdates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industriescrude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate1.5% (2016 est.)
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.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $20.26 billion
expenditures: $31.55 billion (2016 est.)
Taxes and other revenues34% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-18.9% of GDP (2016 est.)
Public debt18.5% of GDP (2016 est.)
8.3% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)2% (2016 est.)
0.1% (2015 est.)
Central bank discount rate2% (31 December 2010)
0.05% (31 December 2009)
Commercial bank prime lending rate5% (31 December 2016 est.)
4.76% (31 December 2015 est.)
Stock of narrow money$14.24 billion (31 December 2016 est.)
$13.96 billion (31 December 2015 est.)
Stock of broad money$40.94 billion (31 December 2016 est.)
$39.39 billion (31 December 2015 est.)
Stock of domestic credit$48.49 billion (31 December 2016 est.)
$45.1 billion (31 December 2015 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.)
Current account balance-$12.71 billion (2016 est.)
-$11.23 billion (2015 est.)
Exports$30.39 billion (2016 est.)
$34.43 billion (2015 est.)
Exports - commoditiespetroleum, reexports, fish, metals, textiles
Exports - partnersChina 35.4%, UAE 15.3%, South Korea 6.8%, Saudi Arabia 5.8%, Pakistan 4.2% (2015)
Imports$25.78 billion (2016 est.)
$28.27 billion (2015 est.)
Imports - commoditiesmachinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partnersUAE 29.7%, Japan 10.2%, US 7.5%, China 6.7%, India 6.3% (2015)
Reserves of foreign exchange and gold$14.54 billion (31 December 2016 est.)
$17.54 billion (31 December 2015 est.)
Debt - external$20.85 billion (31 December 2016 est.)
$12.94 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesOmani rials (OMR) per US dollar -
0.3845 (2016 est.)
0.3845 (2015 est.)
0.3845 (2014 est.)
0.3845 (2013 est.)
0.3845 (2012 est.)