Economy of Oman
Overview
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. Sustained high oil prices in recent years have helped build Oman's budget and trade surpluses and foreign reserves.
Oman joined the World Trade Organization in November 2000 and continues to liberalize its markets. It ratified a free trade agreement with the US in September 2006 and, through the Gulf Cooperation Council, seeks similar agreements with the EU, China and Japan. To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of foreign expatriate workers with local workers.
Oman actively seeks private foreign investors, especially in the industrial, information technology, tourism, and higher education fields. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports.
GDP
Real Growth Rate
7%
Per Capita
USD 14,400
From Agriculture
3%
From Industry
39%
From Services
59%
Labour Force
Available for Work
920,000
Working in Agriculture
0%
Working in Industry
0%
Working in Services
0%
Unemployment Rate
15%
Population Below Poverty Line
0%
Inflation Rate
3%
Investment as Percent of GDP
14%
Budget
Revenues
USD 14,330 (m)
Expenditures
USD 12,810 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Dates, limes, bananas, alfalfa, vegetables; camels, cattle and fish.
Core Industries
Crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals and optic fiber.
Exports
Value
USD 24,730 (m)
Commodities
petroleum, reexports, fish, metals and textiles.
Partners
China 23.7%, South Korea 18%, Japan 10.9%, Thailand 10.7%, South Africa 7.7%, UAE 6.3% (2006).
Imports
Value
USD 10,290 (m)
Commodities
machinery and transport equipment, manufactured goods, food, livestock and lubricants.
Partners
UAE 22.4%, Japan 16.4%, US 8.1%, Germany 5.4%, India 4.3% (2006)
External Debt
USD 4,259 (m)
Fiscal Year
Calendar year
