Oman Economy 2008

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. Oman joined the World Trade Organization in November 2000 and continues to liberalize its markets. It ratified a free trade agreement with the US in September 2006, and, through the Gulf Cooperation Council, seeks similar agreements with the EU, China and Japan. 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 percent by 2020. Muscat is attempting to "Omanize" the labor force by replacing foreign expatriate workers with local workers. 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.

GDP (purchasing power parity):
$61.21 billion (2007 est.)

GDP (official exchange rate):
$29.38 billion (2007 est.)

GDP - real growth rate:
5.3% (2007 est.)

GDP - per capita (PPP):
$19,100 (2007 est.)

GDP - composition by sector:
agriculture: 2.2%
industry: 38.3%
services: 59.5% (2007 est.)

Labor force:
920,000 (2002 est.)

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

Unemployment rate:
15% (2004 est.)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
4% (2007 est.)

Investment (gross fixed):
20.3% of GDP (2007 est.)

Budget:
revenues: $13.82 billion
expenditures: $13.67 billion (2007 est.)

Public debt:
2.8% of GDP (2007 est.)

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:
3.2% (2007 est.)

Electricity - production:
11.89 billion kWh (2005)

Electricity - consumption:
8.661 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
740,000 bbl/day (2006 est.)

Oil - consumption:
66,000 bbl/day (2005 est.)

Oil - exports:
733,100 bbl/day (2004)

Oil - imports:
15,440 bbl/day (2004)

Oil - proved reserves:
5.506 billion bbl (1 January 2006 est.)

natural gas - production:
18.98 billion cu m (2005 est.)

natural gas - consumption:
8.795 billion cu m (2005 est.)

natural gas - exports:
10.19 billion cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
795.2 billion cu m (1 January 2006 est.)

Current account balance:
$3.785 billion (2007 est.)

Exports:
$22.68 billion f.o.b. (2007 est.)

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

Exports - partners:
China 23.6%, South Korea 17.9%, Japan 10.9%, Thailand 10.7%, South Africa 7.7%, UAE 6.3% (2006)

Imports:
$11 billion f.o.b. (2007 est.)

Imports - partners:
UAE 22.4%, Japan 16.5%, US 8.1%, Germany 5.4%, India 4.3% (2006)

Economic aid - recipient:
$30.68 million (2005)

Reserves of foreign exchange and gold:
$7.004 billion (31 December 2007 est.)

Debt - external:
$3.483 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$16.16 billion (2006)

Currency (code):
Omani rial (OMR)

Exchange rates:
Omani rials per US dollar - 0.3845 (2007), 0.3845 (2006), 0.3845 (2005), 0.3845 (2004), 0.3845 (2003)