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Oman Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Oman Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 22, 2014

Economy - overview:
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.

GDP (purchasing power parity):
$94.86 billion (2013 est.)
country comparison to the world: 77

$90.28 billion (2012 est.)
$85.99 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$81.95 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.1% (2013 est.)
country comparison to the world: 53

5% (2012 est.)
4.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,800 (2013 est.)
country comparison to the world: 50

$29,200 (2012 est.)
$28,700 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
36.2% of GDP (2013 est.)
country comparison to the world: 15

37.4% of GDP (2012 est.)
41% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 30.5%
government consumption: 17.8%
investment in fixed capital: 27.3%
investment in inventories: -0.5%
exports of goods and services: 63.8%
imports of goods and services: -39.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 1%
industry: 64.4%
services: 34.6% (2013 est.)

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

Industries:
crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber

Industrial production growth rate:
3.5% (2013 est.)
country comparison to the world: 85
[see also: Industrial production growth rate country ranks ]

Labor force:
968,800
country comparison to the world: 144
note: about 60% of the labor force is non-national (2007)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
15% (2004 est.)
country comparison to the world: 139
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

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

Budget:
revenues: $34.42 billion
expenditures: $35.48 billion (2013 est.)

Taxes and other revenues:
42% of GDP (2013 est.)
country comparison to the world: 31
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.3% of GDP (2013 est.)
country comparison to the world: 68
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
4.4% of GDP (2013 est.)
country comparison to the world: 160

4.3% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.6% (2013 est.)
country comparison to the world: 46

2.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2% (31 December 2010 est.)
country comparison to the world: 143

0.05% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.8% (31 December 2013 est.)
country comparison to the world: 139

5.65% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$9.537 billion (31 December 2013 est.)
country comparison to the world: 79

$9.083 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$71.42 billion (31 December 2010 est.)
country comparison to the world: 62

$63.16 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$29.97 billion (31 December 2013 est.)
country comparison to the world: 70

$27.62 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$20.11 billion (31 December 2012 est.)
country comparison to the world: 59

$19.72 billion (31 December 2011)
$20.27 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.249 billion (2013 est.)
country comparison to the world: 27

$8.312 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$56.22 billion (2013 est.)
country comparison to the world: 57

$52.14 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
China 31.8%, Japan 12.9%, UAE 10.4%, South Korea 10%, Thailand 4.4%, Singapore 4.4% (2012)

Imports:
$30.75 billion (2013 est.)
country comparison to the world: 67

$25.63 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners:
UAE 24.1%, Japan 12.5%, India 8.5%, China 6.3%, US 6.1% (2012)

Reserves of foreign exchange and gold:
$17.7 billion (31 December 2013 est.)
country comparison to the world: 62

$14.4 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10.84 billion (31 December 2013 est.)
country comparison to the world: 99

$9.99 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Omani rials (OMR) per US dollar -

0.3845 (2013 est.)
0.3845 (2012 est.)
0.3845 (2010 est.)
0.3845 (2009)
0.3845 (2008)


NOTE: 1) The information regarding Oman on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 2015 information contained here. All suggestions for corrections of any errors about Oman Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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