Economy

Economy—overview: Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels equivalent to about 20 years' production at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The year 1996 was marked by higher oil production and prices. The government is encouraging private investment both domestic and foreign as a prime force for further economic development.

GDP: purchasing power parity—$17.2 billion (1997 est.)

GDP—real growth rate: 3.5% (1997 est.)

GDP—per capita: purchasing power parity—$8 000 (1997 est.)

GDP—composition by sector:

agriculture: 3%

industry: 43%

services: 54% (1995)

Inflation rate—consumer price index: 1% (1996 est.)

Labor force:

total: 780 500 (1997 est.)

by occupation: agriculture 37% (1993 est.)

Unemployment rate: NA%

Budget:

revenues: $5.2 billion

expenditures: $6 billion including capital expenditures of $1.3 billion (1998 est.)

Industries: crude oil production and refining natural gas production construction cement copper

Industrial production growth rate: 3% (1994 est.)

Electricity—capacity: 1.744 million kW (1995)

Electricity—production: 7.8 billion kWh (1995)

Electricity—consumption per capita: 3 670 kWh (1995)

Agriculture—products: dates limes bananas alfalfa vegetables; camels cattle; annual fish catch averages 100 000 metric tons

Exports:

total value: $7.6 billion (f.o.b. 1997 est.)

commodities: petroleum 75% reexports fish processed copper textiles

partners: Japan 29% South Korea 17% China 12% Thailand 11% US 7% (1996)

Imports:

total value: $4.8 billion (f.o.b. 1997 est.)

commodities: machinery transportation equipment manufactured goods food livestock lubricants

partners: UAE 22% (largely reexports) Japan 15% UK 15% France 6% US 5% (1996)

Debt—external: $3 billion (1997 est.)

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