Economy - overview Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' production at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The year 1996 was marked by higher oil production and prices. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.

GDP purchasing power parity - $17.2 billion (1997 est.)

GDP - real growth rate 3.5% (1997 est.)

GDP - per capita purchasing power parity - $8,000 (1997 est.)

GDP - composition by sector
agriculture: 3%
industry: 43%
services: 54% (1995)

Inflation rate - consumer price index 1% (1996 est.)

Labor force
total: 780,500 (1997 est.)
by occupation: agriculture 37% (1993 est.)

Unemployment rate NA%

Budget
revenues: $5.2 billion
expenditures: $6 billion, including capital expenditures of $1.3 billion (1998 est.)

Industries crude oil production and refining, natural gas production, construction, cement, copper

Industrial production growth rate 3% (1994 est.)

Electricity - capacity 1.744 million kW (1995)

Electricity - production 7.8 billion kWh (1995)

Electricity - consumption per capita 3,670 kWh (1995)

Agriculture - products dates, limes, bananas, alfalfa, vegetables; camels, cattle; annual fish catch averages 100,000 metric tons

Exports
total value: $7.6 billion (f.o.b., 1997 est.)
commodities: petroleum 75%, reexports, fish, processed copper, textiles
partners: Japan 29%, South Korea 17%, China 12%, Thailand 11%, US 7% (1996)

Imports
total value: $4.8 billion (f.o.b., 1997 est.)
commodities: machinery, transportation equipment, manufactured goods, food, livestock, lubricants
partners: UAE 22% (largely reexports), Japan 15%, UK 15%, France 6%, US 5% (1996)

Debt - external $3 billion (1997 est.)

Economic aid
recipient: ODA, $82 million (1993)

Currency 1 Omani rial (RO) = 1,000 baiza

Exchange rates Omani rials (RO) per US$1 - 0.3845 (fixed rate since 1986)

Fiscal year calendar year

NOTE: The information regarding Oman on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 1998 information contained here. All suggestions for corrections of any errors about Oman Economy 1998 should be addressed to the CIA.