Oman:
Economy

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Other pages in this profile of Oman:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Oman: Economy

Oman:
Economy