Economy Of Oman
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Economy overview
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Oman is a small, well-off middle Eastern economy with large oil and gas resources, a substantial trade surplus, and low inflation. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. In order to reduce unemployment and limit dependence on foreign countries, the government is encouraging the replacement of expatriate workers with local people, i.e., the process of Omanization. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources.
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GDP
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purchasing power parity - $36.7 billion (2004 est.)
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GDP - real growth rate
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1.1% (2004 est.)
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GDP - per capita
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purchasing power parity - $13,100 (2004 est.)
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GDP - composition by sector
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agriculture: 3.1%
industry: 42.1%
services: 54.8% (2004 est.)
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Investment gross fixed
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13% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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-0.3% (2004 est.)
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Labor force
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920,000 (2002 est.)
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Labor force by occupation
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agriculture NA, industry NA, services NA
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Unemployment rate
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NA
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Budget
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revenues: $8.218 billion
expenditures: $7.766 billion, including capital expenditures of NA (2004 est.)
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Public debt
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15.6% of GDP (2004 est.)
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Agriculture products
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dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
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Industries
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crude oil production and refining, natural gas production, construction, cement, copper
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Industrial production growth rate
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0.2% (2004 est.)
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Electricity production
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9.274 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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8.625 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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963,800 bbl/day (2004 est.)
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Oil consumption
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53,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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5.703 billion bbl (2004)
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Natural gas production
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13.77 billion cu m (2001 est.)
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Natural gas consumption
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6.34 billion cu m (2001 est.)
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Natural gas exports
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7.43 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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846.4 billion cu m (2004)
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Current account balance
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$2.173 billion (2004 est.)
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Exports
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$11.7 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum, reexports, fish, metals, textiles
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Exports partners
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South Korea 18.7%, China 18.5%, Japan 16.2%, Thailand 12.2%, UAE 7.8%, Iran 4.1% (2003)
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Imports
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$5.659 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and transport equipment, manufactured goods, food, livestock, lubricants
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Imports partners
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UAE 21.6%, Japan 17.1%, US 6.2%, UK 5.6%, Germany 4.4%, India 4.4% (2003)
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Reserves of foreign exchange gold
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$3.594 billion (2004 est.)
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Debt external
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$5.973 billion (2004 est.)
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Economic aid recipient
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$76.4 million (1995)
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Currency
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Omani rial (OMR)
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Currency code
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OMR
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Exchange rates
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Omani rials per US dollar - 0.3845 (2003), 0.3845 (2002), 0.3845 (2001), 0.3845 (2000), 0.3845 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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