Economy—overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' production at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development. In 1998-99 the economy is suffering from weak world oil prices.

GDP: purchasing power parity—$18.6 billion (1998 est.)

GDP—real growth rate: -8.5% (1998 est.)

GDP—per capita: purchasing power parity—$7,900 (1998 est.)

GDP—composition by sector:
agriculture: 2%
industry: 50%
services: 48% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): -0.2% (1997 est.)

Labor force: 850,000 (1997 est.)

Labor force—by occupation: NA

Unemployment rate: NA%

Budget:
revenues: $4 billion
expenditures: $5.6 billion, including capital expenditures of $NA (1999 budget est.)

Industries: crude oil production and refining, natural gas production, construction, cement, copper

Industrial production growth rate: 2% (1997 est.)

Electricity—production: 8 billion kWh (1996)

Electricity—production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)

Electricity—consumption: 8 billion kWh (1996)

Electricity—exports: 0 kWh (1996)

Electricity—imports: 0 kWh (1996)

Agriculture—products: dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Exports: $7.6 billion (f.o.b., 1997)

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

Exports—partners: Japan 26%, China 19%, Thailand 19%, South Korea 14%, US 4% (1997)

Imports: $4 billion (f.o.b., 1997)

Imports—commodities: machinery, transportation equipment, manufactured goods, food, livestock, lubricants

Imports—partners: UAE 23% (largely reexports), Japan 16%, UK 14%, US 8%, Germany 5% (1997)

Debt—external: $3 billion (1997 est.)

Economic aid—recipient: $76.4 million (1995)

Currency: 1 Omani rial (RO) = 1,000 baiza

Exchange rates: Omani rials (RO) per US$1—0.3845 (fixed rate since 1986)

Fiscal year: calendar year