Oman Economy - 2024

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

Unemployment rate

3.12% (2021 est.)
2.94% (2020 est.)
1.85% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 14.6% (2021 est.)

male: 11.6%

female: 29.6%

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

Remittances

0.05% of GDP (2020 est.)
0.04% of GDP (2019 est.)
0.04% of GDP (2018 est.)

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 -

Exchange rates:
0.385 (2021 est.)
0.385 (2020 est.)
0.385 (2019 est.)
0.385 (2018 est.)
0.385 (2017 est.)