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Oman:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$61.61 billion (2007 est.)
GDP (official exchange rate)
Definition
$40.06 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$24,000 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.2%
industry: 38.3%
services: 59.5% (2007 est.)
Labor force
Definition
920,000 (2002 est.)
Labor force - by occupation
Definition
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate
Definition - World rank and map
15% (2004 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5.5% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
20.3% of GDP (2007 est.)
Budget
Definition
revenues: $13.99 billion
expenditures: $13.68 billion (2007 est.)
Public debt
Definition - World rank and map
3.8% of GDP (2007 est.)
Agriculture - products
Definition
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industries
Definition
crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate
Definition - World rank and map
3.2% (2007 est.)
Electricity - production
Definition - World rank and map
11.89 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
8.661 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,615.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
740,000 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
66,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
19.9 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
733,100 bbl/day (2004)
Oil - imports
Definition - World rank and map
15,440 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
4.85 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
18.98 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
8.795 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
2,656 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
10.19 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
795.2 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$3.996 billion (2007 est.)
Exports
Definition - World rank and map
$22.89 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum, reexports, fish, metals, textiles
Exports - partners
Definition
China 23.2%, South Korea 19.2%, Japan 12.2%, Thailand 8.9%, South Africa 8.3%, UAE 6.5%, Taiwan 4.2% (2006)
Imports
Definition - World rank and map
$11 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners
Definition
UAE 19.7%, Japan 18%, US 7.5%, Germany 5.3%, India 4.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$9.524 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$5.297 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$16.16 billion (2006)
Economic aid - recipient
Definition
$30.68 million (2005)
Currency (code)
Definition
Omani rial (OMR)
Exchange rates
Definition
Omani rials per US dollar - 0.3845 (2007), 0.3845 (2006), 0.3845 (2005), 0.3845 (2004), 0.3845 (2003)
Fiscal year
Definition
calendar year


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