Overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 70% of government revenues, and more than 50% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.

GDP: $7.8 billion, per capita $6,006; real growth rate - 3.0% (1987 est.)

Inflation rate (consumer prices): 2.0% (1988 est.)

Unemployment rate: NA%

Budget: revenues $3.1 billion; expenditures $4.2 billion, including capital expenditures of $1.0 billion (1989 est.)

Exports: $3.6 billion (f.o.b., 1988 est.); commodities--petroleum, reexports, processed copper, dates, nuts, fish; partners--Japan, South Korea, Thailand

Imports: $1.9 billion (f.o.b., 1988 est.); commodities --machinery, transportation equipment, manufactured goods, food, livestock, lubricants; partners--Japan, UAE, UK, FRG, US

External debt: $3.1 billion (December 1989 est.)

Industrial production: growth rate 5.0% (1986)

Electricity: 1,130,000 kW capacity; 3,600 million kWh produced, 2,760 kWh per capita (1989)

Industries: crude oil production and refining, natural gas production, construction, cement, copper

Agriculture: accounts for 3.4% of GDP and 60% of the labor force (including fishing); less than 2% of land cultivated; largely subsistence farming (dates, limes, bananas, alfalfa, vegetables, camels, cattle); not self-sufficient in food; annual fish catch averages 100,000 metric tons

Aid: US commitments, including Ex-Im (FY70-88), $122 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $92 million; OPEC bilateral aid (1979-89), $797 million

Currency: Omani rial (plural--rials); 1 Omani rial (RO) = 1,000 baiza

Exchange rates: Omani rials (RO) per US$1--0.3845 (fixed rate since 1986)

Fiscal year: calendar year

NOTE: The information regarding Oman on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 1990 information contained here. All suggestions for corrections of any errors about Oman Economy 1990 should be addressed to the CIA.