Oman's New Ruler Faces Economic Challenges
Haitham bin Tariq is the first Omani ruler with a background in business.
Oman GDP and Economic Data
Country Report 2017 - Includes Oman real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Oman economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Oman best banks and safest banks are also available.
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International Reserves
USD 17.5 billion (2015)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 65.8 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 181.4 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2009 | 2009 | 2010 | 2011 | 2012 |
| 5.4% | 4.5% | 8.2% | 6.1% | 4.8% | 4.1% | 5.8% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| 3.2% | 2.9% | 3.3% | 1.8% | 2.6% |
*Estimate
GDP per capita - current prices
USD 16,129.8 (2017, estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.09% | 0.14% | 0.15% | 0.15% | 0.1% |
*Estimate
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GDP - composition by sector
- agriculture: 1.7%
- industry: 45.4%
- services: 52.9%
(2016 estimate)
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 1.2% | 1.0% | 0.1% | 1.1% | 3.1% |
*Estimate
Unemployment rate
| 2013 | 2014 | 2015 | 2016* | 2017* |
| N/A | N/A | N/A | N/A | N/A |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 5.1% | 4.9% | 14.9% | 21.8% | 24.5% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 4.7% | -1.1% | -16.5% | -13.5% | -10.3% |
*Estimate
Government bond ratings
Standard & Poor's: BBB-
Moody's: Baa1
Standard & Poor's / Moody's (Updated as of January 24th 2017)
Source
Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| USD 36.8 billion | USD 37.8 billion | USD 41.1 billion |
Source
Current account balance by percentage of GDP
-17.6% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
56.1% (2015)
Shares in world total merchandising export
0.2% (2015)
Shares in world total commercial services export
0.06% (2014)
Export commodities
Petroleum, reexports, fish, metals, textiles
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Import commodities
Machinery and transport equipment, manufactured goods, food, livestock, lubricants
Exports - major partners
China 35.4%, UAE 15.3%, South Korea 6.8%, Saudi Arabia 5.8%, Pakistan 4.2% (2015)
Imports - major partners
UAE 29.7%, Japan 10.2%, US 7.5%, China 6.7%, India 6.3% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 876 million | USD 739 million | USD 822 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 10 million | USD 1,670 million | USD 855 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD 354.0 million | USD -6.0 million | USD 26.4 million | USD -1043.9 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 66 out of 190 countries (2017)
Subcategories:
Starting a business: 32 out of 190 countries
Enforcing Contracts: 60 out of 190 countries
Registering Property: 35 out of 190 countries
Getting Credit: 133 out of 190 countries
Protecting Minority Investors: 118 out of 190 countries
Trading Across Borders: 67 out of 190 countries
Paying Taxes: 12 out of 190 countries
Dealing with Construction Permits: 52 out of 190 countries
Getting Electricity: 69 out of 190 countries
Resolving Insolvency: 94 out of 190 countries
Source
Global competitiveness ranking
66 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 52 / Score: 67.08 (Moderately free) (2016)
(100=totally free 0=totally repressed)
Source
Source
Languages
Arabic (official), English, Baluchi, Urdu, Indian dialects
Religions
Muslim (official; majority are Ibadhi, lesser numbers of Sunni and Shia) 85.9%, Christian 6.5%, Hindu 5.5%, Buddhist 0.8%, Jewish <0.1%, other 1%, unaffiliated 0.2% (2010 est.)
Note: approximately 75% of Omani citizens, who compose almost 70% of the country's total population, are Ibadhi Muslims; the Omani government does not keep statistics on religious affiliation (2013)
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 1.843 million | 2.402 million | 2.885 million | 3.957 million | 4.619 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 16% | 48% | 72% | 78% |
Literacy
Total population: 91.1%
Male: 93.6%
Female: 85.6% (2015 est.)
(age 15 and over can read and write)
Freedom House rating
Political Rights: 6
Civil Liberties: 5 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 10.46% Mobile 159.86% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)