Oman - Economy
How is the economy of Oman? Based on the information we have, Oman has a high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation. Key agricultural products in this country include: vegetables, dates, milk, tomatoes, sorghum, chillies/peppers, goat milk, cucumbers/gherkins, cantaloupes/melons, cabbages (2023).
More about the economy of Oman
| Labor force | 2.696 million (2024 est.) |
|---|---|
| Industrial production growth rate | 0.2% (2024 est.) |
| Industries | crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber |
| Population below poverty line | |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | Omani rials (OMR) per US dollar - |
| Exchange rates 2024 | 0.384 (2024 est.) |
| Exchange rates 2023 | 0.384 (2023 est.) |
| Exchange rates 2022 | 0.384 (2022 est.) |
| Exchange rates 2021 | 0.384 (2021 est.) |
| Exchange rates 2020 | 0.384 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $18.287 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $17.455 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $17.606 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | $2.638 billion (2023 est.) |
| Current account balance 2022 | $4.362 billion (2022 est.) |
| Current account balance 2021 | -$4.836 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 46.9% of GDP (2017 est.) |
| Budget | |
| Revenues | $29.334 billion (2018 est.) |
| Expenditures | $35.984 billion (2018 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0% of GDP (2023 est.) |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Remittances 2021 | 0% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 18.7% of household expenditures (2023 est.) |
| On alcohol and tobacco | 0.1% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $47.412 billion (2023 est.) |
| Imports 2022 | $46.682 billion (2022 est.) |
| Imports 2021 | $37.216 billion (2021 est.) |
| Imports (partners) | UAE 25%, Saudi Arabia 12%, India 8%, China 7%, Qatar 5% (2023) |
| Comodities Imports force | refined petroleum, cars, crude petroleum, iron ore, iron pipes (2023) |
| Exports | |
| Imports 2023 | $47.412 billion (2023 est.) |
| Imports 2022 | $46.682 billion (2022 est.) |
| Imports 2021 | $37.216 billion (2021 est.) |
| Exports (partners) | China 43%, India 6%, Saudi Arabia 5%, UAE 5%, South Africa 4% (2023) |
| Comodities Exports force | crude petroleum, refined petroleum, natural gas, semi-finished iron, fertilizers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $193.591 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $190.403 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $188.169 billion (2022 est.) |
| GDP (official exchange rate) | $106.943 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $36,700 (2024 est.) |
| Real GDP per capita 2023 | $37,700 (2023 est.) |
| Real GDP per capita 2022 | $39,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.6% (2024 est.) |
| Industry | 54.2% (2024 est.) |
| Services | 46.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 37.8% (2023 est.) |
| Government consumption | 19.1% (2023 est.) |
| Investment in fixed capital | 24.3% (2023 est.) |
| Investment in inventories | 2.4% (2023 est.) |
| Exports of goods and services | 61.1% (2023 est.) |
| Imports of goods and services | -44.8% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.2% (2024 est.) |
| Unemployment rate 2023 | 3.2% (2023 est.) |
| Unemployment rate 2022 | 3.3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.9% (2024 est.) |
| Male | 11% (2024 est.) |
| Female | 30.9% (2024 est.) |
All Important Facts about Oman
Want to know more about Oman? Check all different factbooks for Oman below.
