Oman Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

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.

Real GDP (purchasing power parity)

$135.79 billion (2019 est.)

$136.92 billion (2018 est.)

$135.696 billion (2017 est.)

note: data are in 2017 dollars

Real GDP growth rate

-0.9% (2017 est.)

5% (2016 est.)

4.7% (2015 est.)

Real GDP per capita

$27,300 (2019 est.) note: data are in 2017 dollars

$28,400 (2018 est.) note: data are in 2017 dollars

$29,082 (2017 est.)

GDP (official exchange rate)

$76.883 billion (2019 est.)

Inflation rate (consumer prices)

0.1% (2019 est.)

0.7% (2018 est.)

1.7% (2017 est.)

Credit ratings

Fitch rating: BB- (2020)

Moody's rating: Ba3 (2020)

Standard & Poors rating: B+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.8% (2017 est.)

industry: 46.4% (2017 est.)

services: 51.8% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

dates, tomatoes, vegetables, goat milk, milk, cucumbers, green chillies/peppers, watermelons, sorghum, melons

Industries

crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber

Industrial production growth rate

-3% (2017 est.)

Labor force

2.255 million (2016 est.)

note: about 60% of the labor force is non-national

Labor force - by occupation

agriculture: 4.7% NA

industry: 49.6% NA

services: 45% (2016 est.) NA

Unemployment rate

N/A

Youth unemployment rate (ages 15-24)

total: 15.5%

male: 12.1%

female: 31.6% (2020)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 22.14 billion (2017 est.)

expenditures: 31.92 billion (2017 est.)

Budget surplus (+) or deficit (-)

-13.8% (of GDP) (2017 est.)

Public debt

46.9% of GDP (2017 est.)

32.5% of GDP (2016 est.)

note: excludes indebtedness of state-owned enterprises

Taxes and other revenues

31.3% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$10.76 billion (2017 est.)

-$12.32 billion (2016 est.)

Exports

$43.69 billion (2019 est.) note: data are in current year dollars

$46.32 billion (2018 est.) note: data are in current year dollars

Exports - partners

China 46%, India 8%, Japan 6%, South Korea 6%, United Arab Emirates 6%, Saudi Arabia 5% (2019)

Exports - commodities

crude petroleum, natural gas, refined petroleum, iron products, fertilizers (2019)

Imports

$32.55 billion (2019 est.) note: data are in current year dollars

$35.37 billion (2018 est.) note: data are in current year dollars

Imports - partners

United Arab Emirates 36%, China 10%, Japan 7%, India 7%, United States 5% (2019)

Imports - commodities

cars, refined petroleum, broadcasting equipment, gold, iron (2019)

Reserves of foreign exchange and gold

$16.09 billion (31 December 2017 est.)

$20.26 billion (31 December 2016 est.)

Debt - external

$46.27 billion (31 December 2017 est.)

$27.05 billion (31 December 2016 est.)

Exchange rates

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 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Oman 2022 information contained here. All suggestions for corrections of any errors about Oman 2022 should be addressed to the CIA or the source cited on each page.