Is Oman a rich country?
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
What is the GDP of Oman?
|GDP - Gross Domestic Product (PPP)||$163,000,000,000 (USD)|
|GDP - official exchange rate||$60,180,000,000 (USD)|
|GDP - real growth rate||4.4%|
|GDP Per Capita||$46,200.00 (USD)|
|GDP by Sector- agriculture||1.4%|
|GDP by Sector- Industry||52%|
|GDP by Sector- services||46.6%|
|GDP - composition, by end use||
household consumption: 35.8%
government consumption: 23.8%
investment in fixed capital: 31.8%
investment in inventories: -0.9%
exports of goods and services: 57.1%
imports of goods and services: -47.6%
|Fiscal Year||calendar year|
|Annual Budget||$20,500,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-1.3%|
|Public Debt (% of GDP)||7.5%|
|Taxes and other revenues - percent of GDP||42%|
|Major Industries||crude oil production and refining, natural gas production, construction, cement, copper|
|Industrial Growth Rate||4.5%|
|Agriculture Products||dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish|
|Currency Code||Omani rial (OMR)|
|Commercial Bank Prime Lending Rate||5.8%|