Oman Economy:
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. The government is privatizing its utilities and diversifying its economy to attract foreign investment. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. To reduce unemployment and limit dependence on foreign countries, the government is encouraging the replacement of expatriate workers with local people, i.e., Omanization. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports.
GDP (purchasing power parity):
$38.09 billion (2004 est.)
GDP — real growth rate:
1.2% (2004 est.)
GDP — per capita:
purchasing power parity: $13,100 (2004 est.)
GDP — composition by sector:
agriculture: 3.1%
industry: 41.1%
services: 55.8%
(2002)
Labor force:
920,000 (2002 est.)
Labor force — by occupation:
agriculture: NA, industry: NA, services: NA
Unemployment rate:
15% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
0.2% (2004 est.)
Investment (gross fixed):
13.5% of GDP (2004 est.)
Budget:
revenues: $9.29 billion
expenditures: $8.75 billion including capital expenditures of NA (2004 est.)
Public debt:
10.3% of GDP (2004 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:
-1.2% (2004 est.)
Electricity — production:
9.9 billion kWh (2003 est.)
Electricity — consumption:
9.79 billion kWh (2003 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
775,000 bbl/day (2004 est.)
Oil — consumption:
54,000 bbl/day (2003 est.)
Oil — exports:
721,000 bbl/day (2004 est.)
Oil — imports:
NA
Oil — proved reserves:
5.5 billion bbl (2003 est.)
Natural gas — production:
13.77 billion cu m (2001 est.)
Natural gas — consumption:
6.34 billion cu m (2001 est.)
Natural gas — exports:
7.43 billion cu m (2001 est.)
Natural gas — imports:
0 cu m (2001 est.)
Natural gas — proved reserves:
829.7 billion cu m (2003 est.)
Current account balance:
$2.67 billion (2004 est.)
Exports:
$13.14 billion (f.o.b. 2004 est.)
Exports — commodities:
petroleum, reexports, fish, metals, textiles
Exports — partners:
China 29.5%, Japan 11.5%, South Korea 17.5%, Thailand 10.6%, UAE 7.2%, (2004)
Imports:
$6.37 billion (f.o.b. 2002 est.)
Imports — commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports — partners:
UAE 21.2%, Japan 16.6%, UK 8.4%, US 4.7%, Germany 5.1%, Italy 6% (2004)
Reserves of foreign exchange and gold:
$4.14 billion (2004 est.)
Debt — external:
$4.81 billion (2004 est.)
Economic aid — recipient:
$76.4 million (1995 est.)
Currency:
Omani rial (OMR)
Exchange rates:
Omani rials per US$: 0.38 (2004 est.), 0.38 (2003 est.), 0.38 (2002 est.), 0.38 (2001 est.), 0.38 (2000 est.)
Fiscal year:
calendar year
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