Economy of Oman

Economy of Oman

Ruwi, the central business district of Muscat, Oman's capital and largest city
Currency	Omani rial (OMR)
Fixed exchange rates	US$1 ≈ 0.3845 OMR
Fiscal year	Calendar year
Trade organisations	WTO and GCC
Country group	Developing/Emerging[1] High-income economy[2]
Statistics
Population	4,576,298 (2022)[3]
GDP	$108.93 billion (nominal, 2024)[4] $207.6 billion (PPP, 2024)[4]
GDP rank	66th (nominal, 2024) 76th (PPP, 2024)
GDP growth	4.3% (2022) 1.3% (2023e) 1.2% (2024f) 3.1% (2025f)[5]
GDP per capita	$20,913 (nominal, 2024)[4] $39,859 (PPP, 2024)[4]
GDP per capita rank	53rd (nominal, 2024) 52nd (PPP, 2024)
GDP by sector	agriculture 1.7% industry 45.2% services 53% (2017 est.)[6]
Inflation (CPI)	0.95% (2023)[4]
Population below poverty line	NA%
Gini coefficient	30.72 (2010)[7] 0.30 (2023)[8]
Human Development Index	0.819 very high (2022)[9] (59th) 0.721 high IHDI (50th) (2022)[9]
Labour force	2,315,787 (2023)[10]
Unemployment	3.0% (Dec 2017)[11]
Main industries	crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber
External
Exports	$21.1 billion (2016)[12]
Export goods	petroleum, reexports, fish, metals, textiles
Main export partners	China 39.8%  India 10.7%  South Korea 6.08% (2022)[13]
Imports	$20.6 billion (2016)[12]
Import goods	machinery and transport equipment, manufactured goods, food, livestock, lubricants
Main import partners	United Arab Emirates 27%  Saudi Arabia 10.7%  India 10.4%  China 9.07% (2022)[14]
FDI stock	NA[6] Abroad: NA[6]
Current account	−$10.76 billion (2017 est.)[6]
Gross external debt	$46.27 billion (31 December 2017 est.)[6]
Public finances
Government debt	88% of the GDP (2019 est.)[6]
Revenues	$157.02 billion (2019 est.)[6]
Expenses	$163.41 billion (2019 est.)[6]
Credit rating	Standard & Poor's:[15] AAA (T&C Assessment) Outlook: Stable[16] Moody's:[16] Aaa Outlook: Fitch:[16] AAA- Outlook: negative
All values, unless otherwise stated, are in US dollars.

The economy of Oman is mainly centered around its oil sector, with fishing and trading activities located around its coastal regions. When oil was discovered in 1964, the production and export increased significantly. The government has made plans to diversify away from oil under its privatization and Omanization policies.^[17] This has helped raise Oman's GDP per capita continuously in the past 50 years. It grew 339% in the 1960s, reaching a peak growth of 1,370% in the 1970s. Similar to the pricing of all other commodities, the price of oil is subject to significant fluctuations over time, especially those associated with the business cycle. A commodity's price will rise sharply when demand, like that for oil, outpaces supply; meanwhile, when supply outpaces demand, prices will fall.

It scaled back to a modest 13% growth in the 1980s and rose again to 34% in the 1990s.^[18] Oman joined the Gulf Cooperation Council in 1981 with the aim of establishing a customs union, a common market and a common currency.^[19][20]

Petroleum is responsible for 64% of all export revenue, 45% of government income, and 50% of GDP. Given that it accounts for half of the Sultanate of Oman's GDP, the petroleum products industry is one of the most significant in the Omani economy.

Oman's economy heavily relies on cement, a vital component of the construction industry. Cement plays a crucial role in facilitating urbanization, infrastructure development, and overall economic expansion. The cement industry contributes to Oman's economy by providing employment opportunities, both directly and indirectly. It also generates revenue through taxes and fees and contributes to the development of related sectors, such as logistics and transportation.