Oman Economic Statistics and Indicators
29, May 2016, EDT. Welcome to the Oman economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Oman › Change country
National or Regional Currency: Omani Rial, OMR
Year of data: 2014 › Change year
Number of Indicators Listed: 34
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 3,219,775 ; note: immigrants make up just over 30% of the total population, according to UN data (2013) (July 2014 est.)
Area: total: 309,500 sq km ; land: 309,500 sq km ; water: 0 sq km
Natural Resources: petroleum, copper, asbestos, some marble, limestone, chromium, gypsum, natural gas
Capital: name: Muscat ; geographic coordinates: 23 37 N, 58 35 E ; time difference: UTC+4 (9 hours ahead of Washington, DC, during Standard Time)
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.
More on the Oman Economy
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GDP (Constant Prices, National Currency) for Oman in year 2014 is OMR 26.072 Billion.
GDP (Current Prices, National Currency) for Oman in year 2014 is OMR 30.967 Billion.
GDP (Current Prices, US Dollars) for Oman in year 2014 is US$ 80.539 Billion.
GDP Deflator for Oman in year 2014 is 118.775 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Current Prices, National Currency) for Oman in year 2014 is OMR 8,338.87 .
GDP Per Capita (Current Prices, US Dollars) for Oman in year 2014 is US$ 21,687.73 .
GDP (PPP), US Dollars for Oman in year 2014 is US$ 163.627 Billion.
GDP Per Capita (PPP), US Dollars for Oman in year 2014 is US$ 44,062.02 .
Investment (% of GDP) for Oman in year 2014 is 28.4 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Oman in year 2014 is 156.103 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Oman in year 2014 is 150.836 (Index, Base Year 2000 = 100).
Population for Oman in year 2014 is 3.714 Million .
General government revenue (National Currency) for Oman in year 2014 is OMR 15.434 Billions.
General government total expenditure (National Currency) for Oman in year 2014 is OMR 14.496 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Oman in year 2014 is OMR 0.938 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Oman in year 2014 is OMR 30.967 Billions.
Current Account Balance (US Dollars) for Oman in year 2014 is US$ 7.978 Billion.
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International