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EconomyEconomy - 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. 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. Gdp (purchasing power parity) World Ranking: 78
$82.82 billion (2011 est.)
$78.51 billion (2010 est.) $75.51 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$71.89 billion (2011 est.)
Gdp - real growth rate World Ranking: 57
5.5% (2011 est.)
4% (2010 est.) 1.1% (2009 est.) Gdp - per capita (ppp) World Ranking: 51
$26,900 (2011 est.)
$26,300 (2010 est.) $26,200 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 1.5%
Industry 49.5% Services 48.9% (2011 est.) Labor force World Ranking: 143
968,800
Note About 60% of the labor force is non-national (2007) Labor force - by occupation
Agriculture NA%
Industry NA% Services NA% Unemployment rate World Ranking: 148
15% (2004 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Investment (gross fixed) World Ranking: 33
26.9% of GDP (2011 est.)
Budget
Revenues $29.74 billion
Expenditures $22.53 billion (2011 est.) Taxes and other revenues World Ranking: 44
41.4% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 9
10% of GDP (2011 est.)
Public debt World Ranking: 144
4.1% of GDP (2011 est.)
5.1% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 103
4.1% (2011 est.)
3.2% (2010 est.) Central bank discount rate World Ranking: 143
2% (31 December 2010 est.)
0.05% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 135
6.19% (31 December 2011 est.)
6.835% (31 December 2010 est.) Stock of narrow money World Ranking: 80
$8.955 billion (31 December 2011 est.) $7.48 billion (31 December 2010 est.) Stock of broad money World Ranking: 62
$71.42 billion (31 December 2010 est.) $63.16 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 76
$25.07 billion (31 December 2011 est.) $21.8 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 63
$19.72 billion (31 December 2011) $20.27 billion (31 December 2010) $17.3 billion (31 December 2009) 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 World Ranking: 87
3.5% (2011 est.)
Electricity - production World Ranking: 73
17.63 billion kWh (2009 est.)
Electricity - consumption World Ranking: 79
13.25 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 25
867,900 bbl/day (2010 est.)
Oil - consumption World Ranking: 68
142,000 bbl/day (2010 est.)
Oil - exports World Ranking: 27
592,300 bbl/day (2009 est.)
Oil - imports World Ranking: 103
27,970 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 25
5.5 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 27
24.76 billion cu m (2009 est.)
Natural gas - consumption World Ranking: 39
14.72 billion cu m (2009 est.)
Natural gas - exports World Ranking: 20
11.54 billion cu m (2009 est.)
Natural gas - imports World Ranking: 52
1.5 billion cu m (2009 est.)
Natural gas - proved reserves World Ranking: 26
849.5 billion cu m (1 January 2011 est.) Current account balance World Ranking: 27
$10.75 billion (2011 est.)
$5.097 billion (2010 est.) Exports World Ranking: 60
$45.93 billion (2011 est.)
$36.6 billion (2010 est.) Exports - commodities
Petroleum, reexports, fish, metals, textiles Exports - partners
China 30.5%, South Korea 11%, UAE 10.6%, Japan 10.5%, India 10.1%, Thailand 5.4%, US 4.7% (2011) Imports World Ranking: 74
$21.41 billion (2011 est.)
$17.87 billion (2010 est.) Imports - commodities
Machinery and transport equipment, manufactured goods, food, livestock, lubricants Imports - partners
UAE 27.8%, Japan 12%, US 6.1%, India 5.3%, China 4.3%, Saudi Arabia 4.1%, Germany 4% (2011) Reserves of foreign exchange and gold World Ranking: 69
$14.37 billion (31 December 2011 est.) $13.03 billion (31 December 2010 est.) Debt - external World Ranking: 97
$9.054 billion (31 December 2011 est.) $7.961 billion (31 December 2010 est.) Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
Omani rials (OMR) per US dollar - 0.3845 (2011 est.)0.3845 (2010 est.) 0.3845 (2009) 0.3845 (2008) 0.3845 (2007) Fiscal year
Calendar year
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Oman (Muscat):
 
GPS points from Oman (Muscat)
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The inhabitants of the area of Oman have long prospered on Indian Ocean trade. In the late 18th century, a newly established sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, but it never became a British colony. In 1970, QABOOS bin Said Al-Said overthrew the restrictive rule of his father; he has ruled as sultan ever since. His extensive modernization program has opened the country to the outside world while preserving the longstanding close ties with the UK. Oman's moderate, independent foreign policy has sought to maintain good relations with all Middle Eastern countries. Inspired by the popular uprisings that swept the Middle East and North Africa in 2010-11, Omanis began staging marches and demonstrations to demand economic benefits, an end to corruption, and greater political rights. In February and March 2011, in response to protester demands, QABOOS pledged to create more government jobs and promised to implement economic and political reforms, such as granting legislative and regulatory powers to the Council of Oman and the introduction of unemployment benefits. Also in March, the Gulf Cooperation Council pledged $20 billion in financial aid to Oman and Bahrain over a 10-year period to assist the two nations in their struggle with Arab protests. Amid concessions made to oppositionists, the government during the summer continued to crack down on protests and demonstrations, and increasingly clamped down on the media. In October 2011, QABOOS issued a royal decree expanding the legislative powers of the Council of Oman to draft, amend, and approve legislation. 