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Oman Economy

    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

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)