Economy - overview:

Oman is a middle-income economy that is heavily dependent on dwindling oil

resources. Because of declining reserves, Muscat has actively pursued 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. Tourism and gas-based industries are key components of the
government's diversification strategy. By using enhanced oil recovery
techniques, Oman succeeded in increasing oil production in 2009, giving the
country more time to diversify. The drop in oil prices in 2008 and the global
financial crisis reduced Oman's budget surplus in 2009 and slowed the pace
of investment and development projects, but GDP growth still was positive, in
part because Muscat implemented an expansionary fiscal policy.

GDP (purchasing power parity):

$69.43 billion (2009 est.)

$67.67 billion (2008 est.)

$63.6 billion (2007 est.) 
note: data are in 2009 US dollars 
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):

$52.34 billion (2009 est.) 
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:

2.6% (2009 est.)

6.4% (2008 est.)

5.8% (2007 est.) 
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):

$20,300 (2009 est.)

$20,400 (2008 est.)

$19,800 (2007 est.) 
note: data are in 2009 US dollars 
[see also: GDP - per capita country ranks ]

GDP - composition by sector:

agriculture: 2.1% 
[see also: GDP - composition by sector - agriculture country ranks ] 
industry: 36.3% 
[see also: GDP - composition by sector - industry country ranks ] 
services: 61.6% (2009 est.) 
[see also: GDP - composition by sector - services country ranks ]

Labor force:
968,800 
note: about 60% of the labor force is non-national (2007) 
[see also: Labor force country ranks ]

Labor force - by occupation:

agriculture: NA% 
[see also: Labor force - by occupation - agriculture country ranks ] 
industry: NA% 
[see also: Labor force - by occupation - industry country ranks ] 
services: NA% 
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
15% (2004 est.) 
[see also: Unemployment rate country ranks ]

Household income or consumption by percentage share:

lowest 10%: NA% 
[see also: Household income or consumption by percentage share - lowest
10% country ranks ] 
highest 10%: NA% 
[see also: Household income or consumption by percentage share - highest
10% country ranks ]

Investment (gross fixed):

31.4% of GDP (2009 est.) 
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $18.75 billion 
[see also: Budget - revenues country ranks ] 
expenditures: $18.35 billion (2009 est.) 
[see also: Budget - expenditures country ranks ]
Public debt:
2.8% of GDP (2009 est.)

2.8% of GDP (2008 est.) 

[see also: Public debt country ranks ]

Inflation rate (consumer prices):

5.3% (2009 est.)

12.5% (2008 est.) 

[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:

0.91% (31 December 2008)

1.98% (31 December 2007) 

[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:

7.1% (31 December 2008)

7.29% (31 December 2007) 

[see also: Commercial bank prime lending rate country ranks ]

Stock of money:
$5.25 billion (31 December 2008)

$5.044 billion (31 December 2007) 

[see also: Stock of money country ranks ]

Stock of quasi money:

$14.57 billion (31 December 2008)

$11.04 billion (31 December 2007) 

[see also: Stock of quasi money country ranks ]

Stock of domestic credit:

$17.83 billion (31 December 2008)

$13.88 billion (31 December 2007) 

[see also: Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$14.91 billion (31 December 2008)

$23.06 billion (31 December 2007)

$16.16 billion (31 December 2006) 
[see also: Market value of publicly traded shares country ranks ]

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:

3.4% (2009 est.) 
[see also: Industrial production growth rate country ranks ]

Electricity - production:
13.58 billion kWh (2007 est.) 
[see also: Electricity - production country ranks ]

Electricity - consumption:
11.36 billion kWh (2007 est.) 
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.) 
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.) 
[see also: Electricity - imports country ranks ]

Oil - production:
806,000 bbl/day (2008 est.) 
[see also: Oil - production country ranks ]

Oil - consumption:
81,000 bbl/day (2008 est.) 
[see also: Oil - consumption country ranks ]
Oil - exports:
593,700 bbl/day (2008 est.) 
[see also: Oil - exports country ranks ]

Oil - imports:
17,290 bbl/day (2007 est.) 
[see also: Oil - imports country ranks ]

Oil - proved reserves:

5.5 billion bbl (1 January 2009 est.) 
[see also: Oil - proved reserves country ranks ]

Natural gas - production:

24 billion cu m (2008 est.) 
[see also: Natural gas - production country ranks ]

Natural gas - consumption:

13.46 billion cu m (2008 est.) 
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:

10.89 billion cu m (2008 est.) 
[see also: Natural gas - exports country ranks ]

Natural gas - imports:

350 million cu m (2008 est.) 
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:

849.5 billion cu m (1 January 2009 est.) 
[see also: Natural gas - proved reserves country ranks ]

Current account balance:

$612 million (2009 est.)

$5.523 billion (2008 est.) 

[see also: Current account balance country ranks ]

Exports:
$29.34 billion (2009 est.)
$37.72 billion (2008 est.) 
[see also: Exports country ranks ]

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

Exports - partners:
China 31.7%, South Korea 17%, UAE 11.7%, Japan 11%, Thailand 7.1%
(2008)

Imports:
$18.41 billion (2009 est.)

$20.71 billion (2008 est.) 

[see also: Imports country ranks ]

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

Imports - partners:
UAE 27.2%, Japan 15.6%, US 5.7%, China 4.6%, India 4.5%, South Korea
4.2%, Germany 4.2% (2008)

Reserves of foreign exchange and gold:

$13.58 billion (31 December 2009 est.)

$11.58 billion (31 December 2008 est.) 

[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.474 billion (31 December 2009 est.)

$7.68 billion (31 December 2008 est.) 

[see also: Debt - external country ranks ]

Exchange rates:
Omani rials (OMR) per US dollar - 0.3845 (2009), 0.3845 (2008), 0.3845
(2007), 0.3845 (2006), 0.3845 (2005)