Economy of Oman information

Economy of Oman
	Ruwi, the central business district of Muscat, Oman's capital and largest city
Currency	Omani rial (OMR)
Fixed exchange rates	US$1 ≈ 0.3845 OMR
Fiscal year	Calendar year
Trade organisations	WTO and GCC
Country group	Developing/Emerging; High-income economy;
Statistics
GDP	$104 billion (nominal, 2023); $200.314 billion (PPP, 2018);
GDP rank	71st (nominal, 2019); 79th (PPP, 2019);
GDP growth	1.8% (2018) 0.5% (2019e); −3.5% (2020f) 2.7% (2021f);
GDP per capita rank	48th (nominal, 2018); 58th (PPP, 2018);
GDP by sector	agriculture 1.7% ; industry 45.2% ; services 53% (2017 est.)
Inflation (CPI)	0.900% (2018)
Population below poverty line	NA%
Gini coefficient	30.72 (2010); 0.30 (2023)
Human Development Index	0.816 very high (2021) (54th); 0.708 high IHDI (52nd) (2021);
Labour force	2,787,190 (2019)
Unemployment	3.0% (Dec 2017)
Main industries	crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
External
Exports	$21.1 billion (2016)
Export goods	petroleum, reexports, fish, metals, textiles
Main export partners	China 39.8%; India 10.7%; South Korea 6.08% (2022);
Imports	$20.6 billion (2016)
Import goods	machinery and transport equipment, manufactured goods, food, livestock, lubricants
Main import partners	United Arab Emirates 27%; Saudi Arabia 10.7%; India 10.4%; China 9.07% (2022);
FDI stock	NA; Abroad: NA;
Current account	−$10.76 billion (2017 est.)
Gross external debt	$46.27 billion (31 December 2017 est.)
Public finances
Government debt	88% of the GDP (2019 est.)
Revenues	$157.02 billion (2019 est.)
Expenses	$163.41 billion (2019 est.)
Credit rating	Standard & Poor's:; AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: ; Fitch:; AAA-; Outlook: negative
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Oman is mainly centered around its oil sector, with fishing and trading activities located around its coastal regions. When oil was discovered in 1964, the production and export increased significantly. The government has made plans to diversify away from oil under its privatization and Omanization policies.^[17] This has helped raise Oman's GDP per capita continuously in the past 50 years. It grew 339% in the 1960s, reaching a peak growth of 1,370% in the 1970s. Similar to the pricing of all other commodities, the price of oil is subject to significant fluctuations over time, especially those associated with the business cycle. A commodity's price will rise sharply when demand, like that for oil, outpaces supply; meanwhile, when supply outpaces demand, prices will fall.

It scaled back to a modest 13% growth in the 1980s and rose again to 34% in the 1990s.^[18] Oman joined the Gulf Cooperation Council in 1981 with the aim of establishing a customs union, a common market and a common currency.^[19]^[20]

Petroleum is responsible for 64% of all export revenue, 45% of government income, and 50% of GDP. Given that it accounts for half of the Sultanate of Oman's GDP, the petroleum products industry is one of the most significant in the Omani economy.

Oman's economy heavily relies on cement, a vital component of the construction industry. Cement plays a crucial role in facilitating urbanization, infrastructure development, and overall economic expansion. The cement industry contributes to Oman's economy by providing employment opportunities, both directly and indirectly. It also generates revenue through taxes and fees and contributes to the development of related sectors, such as logistics and transportation.

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ ^a ^b ^c "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 16 November 2019.
^ Rabah, Arezki; Daniel, Lederman; Amani, Abou Harb; Nelly, El-Mallakh; Yuting, Fan; Asif, Islam; Ha, Nguyen; Marwane, Zouaidi (9 April 2020). Middle East and North Africa Economic Update, April 2020 : How Transparency Can Help the Middle East and North Africa. World Bank. p. 10. ISBN 9781464815614. Retrieved 10 April 2020. {{cite book}}: |website= ignored (help)
^ ^a ^b ^c ^d ^e ^f ^g ^h "The World Factbook- Oman". Central Intelligence Agency. Retrieved 20 May 2018.
^ "Urban - Gini index - Omani - Total". The National Centre for Statistics and Information, Sultanate of Oman. Retrieved 20 May 2018.
^ "Socioeconomic Indicators - Oman | Statista Market Forecast". Statista. Retrieved 1 January 2024.
^ "Human Development Index (HDI)". Human Development Report Office United Nations Development Programme. Retrieved 4 December 2022.
^ Nations, United. "Inequality-adjusted Human Development Index (IHDI)". HDRO United Nations Development Programme. Retrieved 4 December 2022. {{cite journal}}: Cite journal requires |journal= (help)
^ "Labor force, total - Oman". data.worldbank.org. World Bank. Retrieved 23 January 2020.
^ "View Oman's Unemployment Rate from 1991 to 2017 in the chart". CEIC. Retrieved 20 May 2018.
^ ^a ^b "Oman". Oec - the Observatory of Economic Complexity. The Observatory of Economic Complexity. Retrieved 20 May 2018.
^ "Export Partners of Oman". The Observatory of Economic Complexity. Retrieved 9 March 2024.
^ "Export Partners of Oman". The Observatory of Economic Complexity. Retrieved 9 March 2024.
^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ ^a ^b ^c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
^ "Oman". Retrieved 29 October 2019.
^ Oman Energy Policy, Laws and Regulations Handbook Volume 1 ISBN 978-1-329-07676-1 p. 113
^ "Economic Cooperation". www.gcc-sg.org. Retrieved 30 June 2022.
^ "The Unified Economic Agreement 1981". www.gcc-sg.org. Retrieved 30 June 2022.

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[IMFWEOOM-3] "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 16 November 2019.

[4] Rabah, Arezki; Daniel, Lederman; Amani, Abou Harb; Nelly, El-Mallakh; Yuting, Fan; Asif, Islam; Ha, Nguyen; Marwane, Zouaidi (9 April 2020). Middle East and North Africa Economic Update, April 2020 : How Transparency Can Help the Middle East and North Africa. World Bank. p. 10. ISBN 9781464815614. Retrieved 10 April 2020. {{cite book}}: |website= ignored (help)

[CIA_World_Fact_Book_-_Oman-5] ^ ^a ^b ^c ^d ^e ^f ^g ^h "The World Factbook- Oman". Central Intelligence Agency. Retrieved 20 May 2018.

[GOV._OMAN-6] "Urban - Gini index - Omani - Total". The National Centre for Statistics and Information, Sultanate of Oman. Retrieved 20 May 2018.

[STATISTA-7] "Socioeconomic Indicators - Oman | Statista Market Forecast". Statista. Retrieved 1 January 2024.

[8] "Human Development Index (HDI)". Human Development Report Office United Nations Development Programme. Retrieved 4 December 2022.

[9] Nations, United. "Inequality-adjusted Human Development Index (IHDI)". HDRO United Nations Development Programme. Retrieved 4 December 2022. {{cite journal}}: Cite journal requires |journal= (help)

[10] "Labor force, total - Oman". data.worldbank.org. World Bank. Retrieved 23 January 2020.

[CEIC_Data-11] "View Oman's Unemployment Rate from 1991 to 2017 in the chart". CEIC. Retrieved 20 May 2018.

[The_Observatory_of_Economic_Complexity-12] "Oman". Oec - the Observatory of Economic Complexity. The Observatory of Economic Complexity. Retrieved 20 May 2018.

[OECExport-13] "Export Partners of Oman". The Observatory of Economic Complexity. Retrieved 9 March 2024.

[OECImport-14] "Export Partners of Oman". The Observatory of Economic Complexity. Retrieved 9 March 2024.

[15] "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.

[guardian-16] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.

[Britannica-17] "Oman". Retrieved 29 October 2019.

[18] Oman Energy Policy, Laws and Regulations Handbook Volume 1 ISBN 978-1-329-07676-1 p. 113

[19] "Economic Cooperation". www.gcc-sg.org. Retrieved 30 June 2022.

[20] "The Unified Economic Agreement 1981". www.gcc-sg.org. Retrieved 30 June 2022.

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