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    Oman Economy - 1991

      Overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 80% of government revenues, and roughly 40% 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: $9.2 billion, per capita $5,870 (1990); real growth rate - 3.0% (1987 est.)

      Inflation rate (consumer prices): 1.3% (1989)

      Unemployment rate: NA%

      Budget: revenues $3.5 billion; expenditures $4.3 billion, including capital expenditures of $675 million (1989 est.)

      Exports: $3.9 billion (f.o.b., 1989); commodities--petroleum, reexports, processed copper, dates, nuts, fish; partners--Japan, South Korea, Taiwan

      Imports: $2.3 billion (c.i.f., 1989); commodities--machinery, transportation equipment, manufactured goods, food, livestock, lubricants; partners--UK, UAE, Japan, US

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

      Industrial production: growth rate 10% (1989), including petroleum sector

      Electricity: 1,136,000 kW capacity; 3,650 million kWh produced, 2,500 kWh per capita (1990)

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

      Agriculture: accounts for 6% 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

      Economic aid: US commitments, including Ex-Im (FY70-89), $137 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $122 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 1991 information contained here. All suggestions for corrections of any errors about Oman Economy 1991 should be addressed to the CIA.

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