Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
-0.9% (2017 est.)
5% (2016 est.)
4.7% (2015 est.)
0.1% (2019 est.)
0.7% (2018 est.)
1.7% (2017 est.)
Fitch rating: BB- (2020)
Moody's rating: Ba3 (2020)
Standard & Poors rating: B+ (2020)
$135.814 billion (2019 est.)
$138.089 billion (2018 est.)
$135.696 billion (2017 est.)
note: data are in 2017 dollars
$76.883 billion (2019 est.)
$27,299 (2019 est.)
$28,593 (2018 est.)
$29,082 (2017 est.)
note: data are in 2017 dollars
14.8% of GDP (2019 est.)
19% of GDP (2018 est.)
12% of GDP (2017 est.)
agriculture: 1.8% (2017 est.)
industry: 46.4% (2017 est.)
services: 51.8% (2017 est.)
household consumption: 36.8% (2017 est.)
government consumption: 26.2% (2017 est.)
investment in fixed capital: 27.8% (2017 est.)
investment in inventories: 3% (2017 est.)
exports of goods and services: 51.5% (2017 est.)
imports of goods and services: -46.6% (2017 est.)
Overall score: 70 (2020)
Starting a Business score: 93.5 (2020)
Trading score: 84.1 (2020)
Enforcement score: 61.9 (2020)
dates, tomatoes, vegetables, goat milk, milk, cucumbers, green chillies/peppers, watermelons, sorghum, melons
crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber
-3% (2017 est.)
2.255 million (2016 est.)
note: about 60% of the labor force is non-national
agriculture: 4.7% NA
industry: 49.6% NA
services: 45% NA (2016 est.)
N/A
N/A
lowest 10%: NA
highest 10%: NA
revenues: 22.14 billion (2017 est.)
expenditures: 31.92 billion (2017 est.)
31.3% (of GDP) (2017 est.)
-13.8% (of GDP) (2017 est.)
46.9% of GDP (2017 est.)
32.5% of GDP (2016 est.)
note: excludes indebtedness of state-owned enterprises
calendar year
-$10.76 billion (2017 est.)
-$12.32 billion (2016 est.)
$103.3 billion (2017 est.)
$27.54 billion (2016 est.)
China 46%, India 8%, Japan 6%, South Korea 6%, United Arab Emirates 6%, Saudi Arabia 5% (2019)
crude petroleum, natural gas, refined petroleum, iron products, fertilizers (2019)
$24.12 billion (2017 est.)
$21.29 billion (2016 est.)
United Arab Emirates 36%, China 10%, Japan 7%, India 7%, United States 5% (2019)
cars, refined petroleum, broadcasting equipment, gold, iron (2019)
$16.09 billion (31 December 2017 est.)
$20.26 billion (31 December 2016 est.)
$46.27 billion (31 December 2017 est.)
$27.05 billion (31 December 2016 est.)
Omani rials (OMR) per US dollar -
0.38505 (2020 est.)
0.38505 (2019 est.)
0.385 (2018 est.)
0.3845 (2014 est.)
0.3845 (2013 est.)
NOTE: The information regarding Oman on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Oman 2021 information contained here. All suggestions for corrections of any errors about Oman 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.