Basic Country Facts

Economy Economic overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly 90% of export earnings, about 75% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development. GDP: purchasing power parity - $19.1 billion (1995 est.) GDP real growth rate: 3.5% (1995 est.) GDP per capita: $10,800 (1995 est.) GDP composition by sector: agriculture: 3% industry: 60% services: 37% Inflation rate (consumer prices): -0.7% (1994 est.) Labor force: 454,000 by occupation: agriculture 37% (1993 est.) Unemployment rate: NA% Budget: revenues: $4.7 billion expenditures: $5.6 billion, including capital expenditures of $NA (1995 est.) Industries: crude oil production and refining, natural gas production, construction, cement, copper Industrial production growth rate: 3% (1994 est.) Electricity: capacity: 1,540,000 kW production: 6 billion kWh consumption per capita: 3,407 kWh (1993) Agriculture: dates, limes, bananas, alfalfa, vegetables; camels, cattle; annual fish catch averages 100,000 metric tons Exports: $4.8 billion (f.o.b., 1994 est.) commodities: petroleum 87%, reexports, fish, processed copper, textiles partners: Japan 35%, South Korea 15.8%, US 9%, China 8%, Thailand 5% (1994) Imports: $4 billion (c.i.f., 1994 est.) commodities: machinery, transportation equipment, manufactured goods, food, livestock, lubricants partners: UAE 27% (largely reexports), Japan 20%, UK 15%, US 5%, Germany 4% (1993) External debt: $3 billion (1993) 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