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The Economy of Oman

Omani Economy

Oman's map

Economy - overview: Oman is a middle-income economy that is heavily dependent on dwindling oil resources, but sustained high oil prices in recent years have helped build Oman's budget and trade surpluses and foreign reserves. As a result of its dwindling oil resources, Oman is actively pursuing 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. Some of these projects may be in jeopardy, however, because Muscat overestimated its ability to produce or secure the natural gas needed to power them. 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. The drop in oil prices and the global financial crisis in 2008 will affect Oman's fiscal position and it may post a deficit in 2009 if oil prices stay low. In addition, the global credit crisis is slowing the pace of investment and development projects - a trend that probably will continue into 2009.

GDP:

GDP - real growth rate: 6.7% (2008 est.) 5.8% (2007 est.) 7.5% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 2.1% industry: 37.2% services: 60.7% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 920,000 (2002 est.)

Labor force - by occupation: agriculture: NA% industry: NA% services: NA%

Unemployment rate: 15% (2004 est.)

Budget: revenues: $14.6 billion expenditures: $16.7 billion (2009 est.)

Industries: crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber

Industrial production growth rate: 3.4% (2008 est.)

Electricity - production: 14.43 billion kWh (2007)

Electricity - production by source:

Electricity - consumption: 11.19 billion kWh (2007)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 758,600 bbl/day (2008 est.)

Oil - consumption: 69,100 bbl/day (2006 est.)

Oil - exports: 593,700 bbl/day (2008 est.)

Oil - imports: 15,440 bbl/day (2005)

Oil - proved reserves: 5.5 billion bbl (1 January 2008 est.)

Natural gas - production: 24.1 billion cu m (2007 est.)

Natural gas - consumption: 11 billion cu m (2007 est.)

Natural gas - exports: 13.1 billion cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 849.5 billion cu m (1 January 2008 est.)

Agriculture - products: dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Exports: $33.9 billion f.o.b. (2008 est.)

Exports - commodities: petroleum, reexports, fish, metals, textiles

Exports - partners: China 26.8%, South Korea 15.2%, Japan 14.3%, Thailand 10.4%, UAE 7.6%, US 4.3%, Iran 4.1% (2007)

Imports: $13.32 billion f.o.b. (2008 est.)

Imports - commodities: machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners: UAE 19.3%, Japan 17.6%, US 7.4%, Germany 5.2%, India 4.1% (2007)

Debt - external: $6.12 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Omani rials (OMR) per US dollar - 0.3845 (2008 est.), 0.3845 (2007), 0.3845 (2006), 0.3845 (2005), 0.3845 (2004)

Fiscal year: