Economy - overview:
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.Oman is using enhanced oil recovery techniques to boost production, but 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 from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.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 challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.

GDP (purchasing power parity):
$187.9 billion (2017 est.) $187.9 billion (2016 est.) $182.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 68

GDP (official exchange rate):
$71.93 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0% (2017 est.) 3% (2016 est.) 4.2% (2015 est.)
country comparison to the world: 202
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$45,500 (2017 est.) $46,900 (2016 est.) $48,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 36

Gross national saving:
19.7% of GDP (2017 est.) 19.4% of GDP (2016 est.) 18.3% of GDP (2015 est.)
country comparison to the world: 92
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 34.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 35.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 51%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 45.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 53% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Industries:
crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber

Industrial production growth rate:
0.3% (2017 est.)
country comparison to the world: 184
[see also: Industrial production growth rate country ranks ]

Labor force:
968,800
note: about 60% of the labor force is non-national (2007 est.)
country comparison to the world: 145
[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.)
country comparison to the world: 171
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line 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%

Budget:
revenues: $22.68 billion
[see also: Budget - revenues country ranks ]
expenditures: $32.07 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
31.5% of GDP (2017 est.)
country comparison to the world: 76
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-13% of GDP (2017 est.)
country comparison to the world: 213
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.3% of GDP (2017 est.) 31.4% of GDP (2016 est.)
country comparison to the world: 132
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.2% (2017 est.) 1.1% (2016 est.)
country comparison to the world: 136
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2% (31 December 2010) 0.05% (31 December 2009)
country comparison to the world: 116
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.4% (31 December 2017 est.) 5.08% (31 December 2016 est.)
country comparison to the world: 138
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$12.7 billion (31 December 2017 est.) $12.95 billion (31 December 2016 est.)
country comparison to the world: 80
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$41.44 billion (31 December 2017 est.) $40.11 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$48.24 billion (31 December 2017 est.) $46.47 billion (31 December 2016 est.)
country comparison to the world: 68
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$41.12 billion (31 December 2015 est.) $37.83 billion (31 December 2014 est.) $36.77 billion (31 December 2013 est.)
country comparison to the world: 58
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$10.3 billion (2017 est.) -$12.32 billion (2016 est.)
country comparison to the world: 185
[see also: Current account balance country ranks ]

Exports:
$31.9 billion (2017 est.) $27.54 billion (2016 est.)
country comparison to the world: 61
[see also: Exports country ranks ]

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

Exports - partners:
China 47.8%, UAE 8.3%, India 4.1% (2016)

Imports:
$22.71 billion (2017 est.) $21.29 billion (2016 est.)
country comparison to the world: 69
[see also: Imports country ranks ]

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

Imports - partners:
UAE 44.9%, China 4.8%, India 4.8% (2016)

Reserves of foreign exchange and gold:
$19.96 billion (31 December 2017 est.) $20.26 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.17 billion (31 December 2017 est.) $27.05 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Omani rials (OMR) per US dollar - 0.3845 (2017 est.) 0.3845 (2016 est.) 0.3845 (2015 est.) 0.3845 (2014 est.) 0.3845 (2013 est.)