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: dates, tomatoes, milk, sorghum, vegetables, goat milk, cucumbers/gherkins, chilies/peppers, watermelons, cantaloupes/melons (2022).
More about the economy of Oman
| Labor force | 2.316 million (2023 est.) |
|---|---|
| Industrial production growth rate | 5.05% (2022 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 | 31.3% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Omani rials (OMR) per US dollar - |
| Exchange rates 2023 | 0.385 (2023 est.) |
| Exchange rates 2022 | 0.385 (2022 est.) |
| Exchange rates 2021 | 0.385 (2021 est.) |
| Exchange rates 2020 | 0.385 (2020 est.) |
| Exchange rates 2019 | 0.385 (2019 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $46.27 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $27.05 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $17.455 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $17.606 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $19.731 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | $5.652 billion (2022 est.) |
| Current account balance 2021 | -$4.834 billion (2021 est.) |
| Current account balance 2020 | -$12.514 billion (2020 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 | 0.04% of GDP (2023 est.) |
| Remittances 2022 | 0.03% of GDP (2022 est.) |
| Remittances 2021 | 0.04% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 22.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $46.326 billion (2022 est.) |
| Imports 2021 | $37.216 billion (2021 est.) |
| Imports 2020 | $33.827 billion (2020 est.) |
| Imports (partners) | UAE 27%, Saudi Arabia 11%, India 10%, China 9%, Qatar 5% (2022) |
| Comodities Imports force | refined petroleum, cars, iron ore, milk, iron pipes (2022) |
| Exports | |
| Imports 2022 | $46.326 billion (2022 est.) |
| Imports 2021 | $37.216 billion (2021 est.) |
| Imports 2020 | $33.827 billion (2020 est.) |
| Exports (partners) | China 40%, India 11%, South Korea 6%, UAE 4%, US 4% (2022) |
| Comodities Exports force | crude petroleum, natural gas, refined petroleum, fertilizers, semi-finished iron (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $185.96 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $183.574 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $175.986 billion (2021 est.) |
| GDP (official exchange rate) | $108.192 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $40,000 (2023 est.) |
| Real GDP per capita 2022 | $40,100 (2022 est.) |
| Real GDP per capita 2021 | $38,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.8% (2017 est.) |
| Industry | 46.4% (2017 est.) |
| Services | 51.8% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 36.8% (2017 est.) |
| Government consumption | 26.2% (2017 est.) |
| Investment in fixed capital | 27.8% (2017 est.) |
| Investment in inventories | 3% (2017 est.) |
| Exports of goods and services | 51.5% (2017 est.) |
| Imports of goods and services | -46.6% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 1.46% (2023 est.) |
| Unemployment rate 2022 | 1.51% (2022 est.) |
| Unemployment rate 2021 | 1.9% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.8% (2023 est.) |
| Male | 5.5% (2023 est.) |
| Female | 13.3% (2023 est.) |
All Important Facts about Oman
Want to know more about Oman? Check all different factbooks for Oman below.
