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Oman

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Summary

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices throughout 2010 provides the government greater financial resources to invest in non-oil sectors.

Central bank

Central Bank of Oman

International Reserves

US$ 13.025 billion (Source: World Bank; Data updated: November 2010)

Gross Domestic Product - GDP

US$ 66.048 billion (2009 estimate)

GDP (Purchasing Power Parity)

80.022 billion of International dollars (2009 estimate)

Real GDP growth

2000

2001

2002

2003

2004

2005

2006

2007

4.6%

5.6%

2.1%

0.3%

3.4%

4%

5.5%

6.8%

2008

2009

2010

2011*

       

12.8%

1.1%

4.2%

4.4%

       

*Estimate

GDP per capita - current prices

US$ 21,421 (2008 estimate)

GDP per capita - PPP

$25,954 International Dollars (2008 estimate)

GDP (PPP) - share of world total

1980

1990

2000

2010

2015**

0.05%

0.08%

0.09%

0.11%

0.1%

**Forecast

GDP - composition by sector

  • agriculture: 1.4%
  • industry: 48.6%
  • services: 49.9% (2009 estimate)
  • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)

N/A

(Data released on November 2010)

Inflation

2008

2009

2010

2011*

12.6%

3.5%

3.3%

3.5%

*Estimate

Unemployment rate

2008

2009

2010

2011*

N/A

N/A

N/A

N/A

*Estimate

Household saving rates

N/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)

2007

2008

2009

2010

2011*

7.5%

5%

8%

5.9%

4.1%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)

2007

2008

2009

2010*

2011**

12.2%

17.2%

2%

6.7%

6.2%

*Estimate   **Forecast

Government bond ratings

Standard & Poor's: A/Stable/A-1

Moody's rating: A1

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares

2007

2008

2009

US$23.06 billion

US$14.914 billion

US$17.302 billion

Largest companies in Oman

Bank Muscat (Regional Banks)

(2011)

Current account balance

US$ 9.8 billion (2009 estimate)

Current account balance by percentage of GDP

14.9% of GDP (2009 estimate)

Exports as percent of GDP

(Exports of goods and services)

59.3% (2008)

(Data released on December 2010)

Shares in world total merchandising export

0.24%

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export

0.05%

(Data were released in Nov 2011 and refer to 2010)

Total exports

US$36.12 billion f.o.b. (2010 estimate)

Export commodities

petroleum, reexports, fish, metals, textiles

Total imports

US$13.32 billion f.o.b. (2008 estimate)

Import commodities

machinery and transport equipment, manufactured goods, food, livestock, lubricants

Exports - major partners

China 26.8%, South Korea 15.2%, Japan 14.3%, Thailand 10.4%, UAE 7.6%, US 4.3%, Iran 4.1% (2007)

Imports - major partners

UAE 19.3%, Japan 17.6%, US 7.4%, Germany 5.2%, India 4.1% (2007)

FDI inflows

2008

2009

2010

 

US$2,528 million

US$1,471 million

US$2,045 million

 

FDI outflows

2008

2009

2010

 

US$481 million

US$66 million

US$317 million

 

Value of cross-border M&A, by country of purchaser

2008

2009

2010

2011

US$601 million

US$893 million

US$-529 million

US$172 million

Cross-border M&A deals worth over $3 billion completed in 2008

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A clickhere )

Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A clickhere )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 57 out of 183 countries (2010)

Subcategories:

Starting a business: 76 out of 183 countries

Registering property: 21 out of 183 countries

Paying Taxes: 8 out of 183 countries

Getting credit: 128 out of 183 countries

Protecting investors: 93 out of 183 countries

Trading across border: 88 out of 183 countries

Enforcing Contracts: 104 out of 183 countries

(2010)

Global competitiveness ranking

(ranking by country on a basis of 142, the first is the best)

32

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 34 Score: 69.8 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

Contact

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