Oman Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation

Real GDP (purchasing power parity)

$155.028 billion (2021 est.)

$150.378 billion (2020 est.)

$155.639 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.09% (2021 est.)

-3.38% (2020 est.)

-1.13% (2019 est.)

Real GDP per capita

$34,300 (2021 est.) note: data are in 2017 dollars

$33,100 (2020 est.) note: data are in 2017 dollars

$33,800 (2019 est.)

GDP (official exchange rate)

$76.883 billion (2019 est.)

Inflation rate (consumer prices)

1.55% (2021 est.)

-0.9% (2020 est.)

0.13% (2019 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

1.05% (2021 est.)

Labor force

2.259 million (2021 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

3.12% (2021 est.)

2.94% (2020 est.)

1.85% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 14.6%

male: 11.6%

female: 29.6% (2021 est.)

Population below poverty line

N/A

Average household expenditures

on food: 22.7% of household expenditures (2018 est.)

on alcohol and tobacco: 0.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $29.334 billion (2018 est.)

expenditures: $35.984 billion (2018 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

-$4.288 billion (2021 est.)

-$12.307 billion (2020 est.)

-$4.02 billion (2019 est.)

Exports

$46.324 billion (2021 est.) note: data are in current year dollars

$35.72 billion (2020 est.) note: data are in current year dollars

$43.584 billion (2019 est.)

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, fertilizers, iron  (2021)

Imports

$36.502 billion (2021 est.) note: data are in current year dollars

$34.022 billion (2020 est.) note: data are in current year dollars

$32.569 billion (2019 est.)

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

$19.731 billion (31 December 2021 est.)

$15.007 billion (31 December 2020 est.)

$16.662 billion (31 December 2019 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 -

0.385 (2021 est.)

0.385 (2020 est.)

0.385 (2019 est.)

0.385 (2018 est.)

0.385 (2017 est.)

NOTE: The information regarding Oman on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Oman 2023 information contained here. All suggestions for corrections of any errors about Oman 2023 should be addressed to the CIA or the source cited on each page.