Economy of Sultanate of Oman

Oman is heavily dependent on dwindling oil resources, which generates 77%

of government revenue. It is using enhanced oil recovery techniques to boost
production. 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 from 46% to 9% by 2020.
Muscat also is focused on 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, have challenged
the government's ability to effectively balance its budget as oil prices
decline. Despite government acknowledgement that Omans expansive social
welfare benefits are unsustainable, Oman authorities are comfortable with
short-term budget deficits and have approved an expansionary 2015 budget.
Concurrently, Oman has expanded eff orts to support the development of
small

and

agencies

medium-size

and

large

enterprises

oligarchic

group

and

entrepreneurship.

companies

have

Government

announced

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.
GDP (purchasing power parity):
$162.4 billion (2014 est.)
$157.7 billion (2013 est.)
$150.7 billion (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 69
GDP (official exchange rate):
$77.76 billion (2014 est.)
GDP - real growth rate:
2.9% (2014 est.)
4.7% (2013 est.)
5.8% (2012 est.)
country comparison to the world: 94

GDP - per capita (PPP):

$39,700 (2014 est.)
$38,500 (2013 est.)
$36,800 (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 31
Gross national saving:
30.6% of GDP (2014 est.)
34.6% of GDP (2013 est.)
35.6% of GDP (2012 est.)
country comparison to the world: 11
GDP - composition, by end use:
household consumption: 33.1%
government consumption: 21.3%
investment in fixed capital: 26.1%
investment in inventories: 5.9%
exports of goods and services: 62.1%
imports of goods and services: -48.5%
(2014 est.)
GDP - composition, by sector of origin:
agriculture: 1.3%
industry: 55.2%
services: 43.5% (2014 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:
2.7% (2014 est.)
country comparison to the world: 110
Labor force:
968,800

note: about 60% of the labor force is non-national (2007 est.)

country comparison to the world: 146
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
15% (2004 est.)
country comparison to the world: 145
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $40.09 billion
expenditures: $37.65 billion (2014 est.)
Taxes and other revenues:
49.8% of GDP (2014 est.)
country comparison to the world: 15
Budget surplus (+) or deficit (-):
3% of GDP (2014 est.)
country comparison to the world: 10
Public debt:
4.7% of GDP (2014 est.)
4.4% of GDP (2013 est.)
country comparison to the world: 162
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.8% (2014 est.)
1.2% (2013 est.)
country comparison to the world: 122

Central bank discount rate:

2% (31 December 2010)
0.05% (31 December 2009)
country comparison to the world: 117
Commercial bank prime lending rate:
5.5% (31 December 2014 est.)
5.41% (31 December 2013 est.)
country comparison to the world: 147
Stock of narrow money:
$11.18 billion (31 December 2014 est.)
$10.28 billion (31 December 2013 est.)
country comparison to the world: 77
Stock of broad money:
$34.21 billion (31 December 2014 est.)
$30.79 billion (31 December 2013 est.)
country comparison to the world: 75
Stock of domestic credit:
$33.72 billion (31 December 2014 est.)
$28.8 billion (31 December 2013 est.)
country comparison to the world: 73
Market value of publicly traded shares:
$20.19 billion (31 December 2014 est.)
$19.07 billion (31 December 2013 est.)
$20.27 billion (31 December 2010 est.)
country comparison to the world: 66
Current account balance:
$7.978 billion (2014 est.)
$9.184 billion (2013 est.)
country comparison to the world: 30
Exports:
$58.74 billion (2014 est.)
$56.61 billion (2013 est.)
country comparison to the world: 56

Exports - commodities:
petroleum, reexports, fi sh, metals, textiles
Exports - partners:
China 43%, UAE 10.3%, South Korea 8.2% (2014)
Imports:
$34.37 billion (2014 est.)
$30.46 billion (2013 est.)
country comparison to the world: 66
Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock,
lubricants
Imports - partners:
UAE 32.5%, Japan 12.2%, China 4.8%, India 4.3%, US 4.3%, Saudi Arabia
4.1% (2014)
Reserves of foreign exchange and gold:
$17.85 billion (31 December 2014 est.)
$15.95 billion (31 December 2013 est.)
country comparison to the world: 65
Debt - external:
$11.3 billion (31 December 2014 est.)
$10.83 billion (31 December 2013 est.)
country comparison to the world: 102
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 (2014 est.)
0.3845 (2013 est.)
0.3845 (2012 est.)
0.3845 (2011 est.)
0.3845 (2010 est.)

Energy
Electricity - production:
20.07 billion kWh (2011 est.)
country comparison to the world: 74
Electricity - consumption:
17.23 billion kWh (2011 est.)
country comparison to the world: 74
Electricity - exports:
0 kWh (2013 est.)
country comparison to the world: 173
Electricity - imports:
0 kWh (2013 est.)
country comparison to the world: 176
Electricity - installed generating capacity:
4.861 million kW (2011 est.)
country comparison to the world: 75
Electricity - from fossil fuels:
100% of total installed capacity (2011 est.)
country comparison to the world: 24
Electricity - from nuclear fuels:
0% of total installed capacity (2011 est.)
country comparison to the world: 144
Electricity - from hydroelectric plants:
0% of total installed capacity (2011 est.)
country comparison to the world: 186
Electricity - from other renewable sources:
0% of total installed capacity (2011 est.)
country comparison to the world: 205
Crude oil - production:
944,800 bbl/day (2013 est.)
country comparison to the world: 21
Crude oil - exports:
833,400 bbl/day (2013 est.)
country comparison to the world: 16
Crude oil - imports:
0 bbl/day (2010 est.)
country comparison to the world: 97
Crude oil - proved reserves:
5.5 billion bbl (1 January 2014 est.)
country comparison to the world: 24
Refined petroleum products - production:
164,600 bbl/day (2010 est.)
country comparison to the world: 61
Refined petroleum products - consumption:
153,800 bbl/day (2013 est.)
country comparison to the world: 64
Refined petroleum products - exports:
47,710 bbl/day (2010 est.)

country comparison to the world: 60

Refined petroleum products - imports:
2,390 bbl/day (2010 est.)
country comparison to the world: 177
Natural gas - production:
29.29 billion cu m (2012 est.)
country comparison to the world: 29
Natural gas - consumption:
20.26 billion cu m (2012 est.)
country comparison to the world: 37
Natural gas - exports:
10.87 billion cu m (2012 est.)
country comparison to the world: 18
Natural gas - imports:
1.836 billion cu m (2012 est.)
country comparison to the world: 51
Natural gas - proved reserves:
849.5 billion cu m (1 January 2014 est.)
country comparison to the world: 28
Carbon dioxide emissions from consumption of energy:
62.85 million Mt (2012 est.)
country comparison to the world: 55