Economy of Oman
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| Currency | Riyal Omani |
|---|---|
| Calendar year | |
| Statistics | |
| GDP rank | 64th (nominal) / 74th (PPP) |
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GDP growth
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2.9% (2014 est.) |
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GDP per capita
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$43,800 (2014 est.) |
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GDP by sector
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agriculture 1.2%, industry 65.1%, services 39.1% (2014 est.) |
| 1% (2014 est.) | |
|
Population below poverty line
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NA% |
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Labour force
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968,000 (2007 est.) |
| Unemployment | 15% (2004 est) |
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Main industries
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crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber |
| 66th (2017) | |
| External | |
| Exports | $48.4 billion (2012 est.) |
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Export goods
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petroleum, reexports, fish, metals, textiles |
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Main export partners
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 China 31.9% Japan 12.9% United Arab Emirates 10.1% South Korea 10.0% Thailand 4.4% Singapore 4.4% (2012 est.) |
| Imports | $23.4 billion (2012 est.) |
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Import goods
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machinery and transport equipment, manufactured goods, food, livestock, lubricants |
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Main import partners
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United Arab Emirates 23.6% Japan 12.6% India 8.5% China 6.4% United States 6.1% United Kingdom 5.1% Italy 4.8% (2012 est.) |
| Public finances | |
| 2.4% of GDP (2008 est.) | |
| Revenues | $18.41 billion (2008 est.) |
| Expenses | $$14.74 billion (2008 est.) |
| Economic aid | donor: pledged $1 million to Darfur refugees (2008) |
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Standard & Poor's: A (Domestic) A (Foreign) AA- (T&C Assessment) Outlook: Stable Moody's: A1 Outlook: Stable |
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All values, unless otherwise stated, are in US dollars. |
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Oman is a country in the Middle East. Current GDP per capita] has expanded continuously in the past 50 years. It grew 339% in the 1960s reaching a peak growth of 1,370% in the 1970s scaling back to modest 13% growth in the 1980s and rising again to 34% in the 1990s.
This is a chart of trend of the gross domestic product and gross domestic product per capita of Oman at market prices by the International Monetary Fund.
Oman's economic performance improved significantly in 1999 due largely to the mid-year upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman liberalized its markets in an effort to accede to the World Trade Organization (WTO) and gained membership in 2000.
When Oman declined as an entrepot for arms and slaves in the mid-19th century, much of its former prosperity was lost, and the economy turned almost exclusively to agriculture, camel and goat herding, fishing, and traditional handicrafts. Today, petroleum (oil) fuels the economy and revenues from petroleum products have enabled Oman's dramatic development over the past 30 years.
Oil was first discovered in the interior near Fahud in the western desert in 1964. Petroleum Development Oman (PDO) began production in August 1967. The Omani Government owns 60% of PDO, and foreign interests own 40% (Royal Dutch Shell owns 34%; the remaining 6% is owned by Compagnie Francaise des Petroles [Total] and Partex). In 1976, Oman's oil production rose to 366,000 barrels (58,000 m³) per day but declined gradually to about 285,000 barrels (45,000 m³) per day in late 1980 due to the depletion of recoverable reserves. From 1981 to 1986, Oman compensated for declining oil prices, by increasing production levels to 600,000 b/d. With the collapse of oil prices in 1986, however, revenues dropped dramatically. Production was cut back temporarily in coordination with the Organization of Petroleum Exporting Countries (OPEC), and production levels again reached 600,000 b/d by mid-1987, which helped increase revenues. By mid-2000, production had climbed to more than 900,000 b/d where they remain. Oman is not a member of OPEC.
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Wikipedia