An Overview of the Economy
Oman currently has a growing economy which in past years has
been mainly based on oil reserves. However, after the slump in oil
prices the country has started to focus on other industries such as
increasing tourism and exporting natural gas. The country has set
up many economic reforms that they aim to achieve by 2020. Some of
these include being economically and financially stable, to develop
human resources and increase the skills of the workforce and to
make the country's income more diverse.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
61.6 |
| GDP (PPP) (CIA) (US$Billions) |
61.6 |
| GDP Growth (IMF) (%) |
6.4 |
| GDP Growth (CIA) (%) |
6.4 |
| GDP Per Capita (PPP) (IMF) (US$) |
23,967 |
| GDP Per Capita (PPP) (CIA) (US$) |
24,000 |
| GDP by Sector (%) |
Agriculture: 2.2%
Services: 59.5%
Industry: 38.3% |
| Inflation (%) |
5.5% |
| Population Below the Poverty Line (%) |
- |
| Labour Force (Millions) |
920,000 |
| Labour Force by Occupation (%) |
- |
| Unemployment (%) |
15% |
| Main industries |
Crude oil production and refining,
natural and liquefied natural gas
(LNG) production, construction,
cement, copper, steel, chemicals,
optic fiber. |
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
21.8 |
24.8 |
30.9 |
35.7 |
40.1 |
| GDP Growth (%) |
2.0% |
5.3% |
6.0% |
6.8% |
6.4% |
| GDP Per Capita (US$) |
8,858 |
9,994 |
12,334 |
14,031 |
15,584 |
| GDP Per Capita (PPP) (US$) |
17,547 |
18,887 |
20,424 |
22,151 |
23,967 |
| Inflation (%) |
0.2% |
0.7% |
1.9% |
3.2% |
5.5% |
| Unemployment (%) |
- |
- |
- |
- |
15% |
| Mobile Phone Users |
59,822 |
464,900 |
464,900 |
1,333,000 |
1,818,000 |
| Internet Users |
120,000 |
180,000 |
180,000 |
245,000 |
319,200 |
Source: IMF, CIA World Factbook
Major Exports & Imports
Oman's two biggest import and export partners are China and
South Korea. The country's main imports include machinery and
transport equipment and manufactured goods. The country's main
exports are petroleum and re-exports.
Major Exports 2007
Petroleum, re-exports, fish, metals, textiles.
Major Imports 2007
Machinery and transport equipment, manufactured goods, food,
livestock, lubricants.
| export partners 2007 |
% of total |
| China |
23.6% |
| South Korea |
17.9% |
| Japan |
10.9% |
| Thailand |
10.7% |
| South Africa |
7.7% |
| UAE |
6.3% |
| import partners 2007 |
% of total |
| UAE |
22.5% |
| Japan |
16.5% |
| US |
8.1% |
| Germany |
5.4% |
| India |
4.4% |
Source: CIA World Factbook
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