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Oman Economy 2011
https://theodora.com/wfb2011/oman/oman_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

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, giving the country more time to diversify, and the increase in global oil prices thoughout 2010 provides the government greater financial resources to invest in non-oil sectors.

GDP (purchasing power parity):
$76.53 billion (2010 est.)
country comparison to the world: 80

$73.87 billion (2009 est.)
$72.42 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$53.78 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2010 est.)
country comparison to the world: 95

2% (2009 est.)
12.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$25,800 (2010 est.)
country comparison to the world: 52

$25,400 (2009 est.)
$25,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 48.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 50.3% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
968,800
country comparison to the world: 142
note: about 60% of the labor force is non-national (2007)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA%
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
15% (2004 est.)
country comparison to the world: 151
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
26.3% of GDP (2009 est.)
country comparison to the world: 36
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $20.5 billion
[see also: Budget - revenues country ranks ]
expenditures: $20.1 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
4.4% of GDP (2010 est.)
country comparison to the world: 129

5.5% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4% (2010 est.)
country comparison to the world: 116

3.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2009)
country comparison to the world: 135

0.91% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.44% (31 December 2009 est.)
country comparison to the world: 128

7.1% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.257 billion (31 December 2010 est)

$6.15 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$22.35 billion (31 December 2010 est.)

$20.52 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.05 billion (31 December 2010 est.)
country comparison to the world: 75

$19.34 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$17.3 billion (31 December 2009)
country comparison to the world: 64

$14.91 billion (31 December 2008)
$23.06 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
4.5% (2009 est.)
country comparison to the world: 74
[see also: Industrial production growth rate country ranks ]

Electricity - production:
13.58 billion kWh (2007 est.)
country comparison to the world: 83
[see also: Electricity - production country ranks ]

Electricity - consumption:
11.36 billion kWh (2007 est.)
country comparison to the world: 83
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
816,000 bbl/day (2009 est.)
country comparison to the world: 25
[see also: Oil - production country ranks ]

Oil - consumption:
84,000 bbl/day (2009 est.)
country comparison to the world: 83
[see also: Oil - consumption country ranks ]

Oil - exports:
593,700 bbl/day (2008 est.)
country comparison to the world: 25
[see also: Oil - exports country ranks ]

Oil - imports:
17,290 bbl/day (2007 est.)
country comparison to the world: 117
[see also: Oil - imports country ranks ]

Oil - proved reserves:
5.5 billion bbl (1 January 2010 est.)
country comparison to the world: 24
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
24 billion cu m (2008 est.)
country comparison to the world: 28
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
13.46 billion cu m (2008 est.)
country comparison to the world: 41
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
10.89 billion cu m (2008 est.)
country comparison to the world: 19
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
350 million cu m (2008 est.)
country comparison to the world: 61
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
849.5 billion cu m (1 January 2010 est.)
country comparison to the world: 28
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$2.724 billion (2010 est.)
country comparison to the world: 39

-$2.143 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$36.12 billion (2010 est.)
country comparison to the world: 60

$27.65 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, reexports, fish, metals, textiles

Exports - partners:
China 26.98%, South Korea 17.19%, Japan 12.12%, UAE 11.23%, Thailand 7.64% (2009)

Imports:
$19.3 billion (2010 est.)
country comparison to the world: 73

$16.13 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners:
UAE 22.9%, Japan 13.99%, US 6.46%, China 5.64%, India 5.27%, France 5.19%, South Korea 4.65% (2009)

Reserves of foreign exchange and gold:
$14 billion (31 December 2010 est.)
country comparison to the world: 48

$12.2 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.829 billion (31 December 2010 est.)
country comparison to the world: 90

$7.061 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Omani rials (OMR) per US dollar - 0.3845 (2010), 0.3845 (2009), 0.3845 (2008), 0.3845 (2007), 0.3845 (2006)


NOTE: The information regarding Oman on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 2011 information contained here. All suggestions for corrections of any errors about Oman Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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