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
