Economy - overview Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets and joined the World Trade Organization (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown.

GDP purchasing power parity - $21.5 billion (2001 est.)

GDP - real growth rate 7.4% (2001 est.)

GDP - per capita purchasing power parity - $8,200 (2001 est.)

GDP - composition by sector
agriculture: 3%
industry: 40%
services: 57% (1999 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 1% (2001 est.)

Labor force 920,000 (2002 est.)

Labor force - by occupation agriculture NA%, industry NA%, services NA%

Unemployment rate NA%

Budget
revenues: $9.2 billion
expenditures: $6.9 billion, including capital expenditures of $NA (2000 est.)

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

Industrial production growth rate 4% (2000 est.)

Electricity - production 8.1 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 7.533 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Exports $10.9 billion (f.o.b., 2001 est.)

Exports - commodities petroleum, reexports, fish, metals, textiles

Exports - partners Japan 21%, Thailand 18%, China 16%, South Korea 12%, UAE 12%, US 3% (2001)

Imports $5.4 billion (f.o.b., 2001 est.)

Imports - commodities machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners UAE 23% (largely reexports), Japan 16%, UK 13%, Italy 7%, Germany 5%, US 5% (2001)

Debt - external $5.3 billion (2000 est.)

Economic aid - recipient $76.4 million (1995)

Currency Omani rial (OMR)

Currency code OMR

Exchange rates Omani rials per US dollar - 0.3845 (fixed rate since 1986)

Fiscal year calendar year

NOTE: The information regarding Oman on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Oman Economy 2002 information contained here. All suggestions for corrections of any errors about Oman Economy 2002 should be addressed to the CIA.