| Introduction - Oman: |
| Location - Oman: |
| People - Oman: |
| Government - Oman: |
| Economy - Oman: |
Economy overview | Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. Sustained high oil prices in recent years have helped build Omans budget and trade surpluses and foreign reserves. Oman joined the World Trade Organization in November 2000 and continues to liberalize its markets. It ratified a free trade agreement with the US in September 2006 and, through the Gulf Cooperation Council, seeks similar agreements with the EU, China and Japan. To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of foreign expatriate workers with local workers. Oman actively seeks private foreign investors, especially in the industrial, information technology, tourism, and higher education fields. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports. |
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Gdp purchasing power parity | $44.53 billion (2006 est.) |
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Gdp official exchange rate | $27.25 billion (2006 est.) |
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Gdp real growth rate | 6.6% (2006 est.) |
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Gdp per capita ppp | $14,400 (2006 est.) |
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Gdp composition by sector | agriculture: 2.6%
industry: 38.8%
services: 58.7% (2006 est.) |
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Labor force | 920,000 (2002 est.) |
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Labor force by occupation | agriculture: NA%
industry: NA%
services: NA% |
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Unemployment rate | 15% (2004 est.) |
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Population below poverty line | NA% |
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Household income or consumption by percentage share | lowest 10%: NA%
highest 10%: NA% |
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Inflation rate consumer prices | 3% (2006 est.) |
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Investment gross fixed | 14.2% of GDP (2006 est.) |
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Budget | revenues: $14.33 billion
expenditures: $12.81 billion; including capital expenditures of $NA (2006 est.) |
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Public debt | 4.5% of GDP (2006 est.) |
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Agriculture products | dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish |
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Industries | crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, optic fiber |
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Industrial production growth rate | 5.9% (2006 est.) |
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Electricity production | 14.33 billion kWh (2004) |
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Electricity consumption | 13.33 billion kWh (2004) |
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Electricity exports | 0 kWh (2004) |
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Electricity imports | 0 kWh (2004) |
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Oil production | 740,000 bbl/day (2006 est.) |
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Oil consumption | 60,000 bbl/day (2004 est.) |
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Oil exports | 733,100 bbl/day (2004) |
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Oil imports | NA bbl/day |
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Oil proved reserves | 4.7 billion bbl (2006 est.) |
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Natural gas production | 17.2 billion cu m (2004 est.) |
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Natural gas consumption | 6.77 billion cu m (2004 est.) |
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Natural gas exports | 10.43 billion cu m (2004 est.) |
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Natural gas imports | 0 cu m (2004 est.) |
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Natural gas proved reserves | 829.1 billion cu m (1 January 2005 est.) |
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Current account balance | $7.097 billion (2006 est.) |
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Exports | $24.73 billion f.o.b. (2006 est.) |
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Exports commodities | petroleum, reexports, fish, metals, textiles |
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Exports partners | China 23.7%, South Korea 18%, Japan 10.9%, Thailand 10.7%, South Africa 7.7%, UAE 6.3% (2006) |
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Imports | $10.29 billion f.o.b. (2006 est.) |
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Imports commodities | machinery and transport equipment, manufactured goods, food, livestock, lubricants |
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Imports partners | UAE 22.4%, Japan 16.4%, US 8.1%, Germany 5.4%, India 4.3% (2006) |
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Reserves of foreign exchange and gold | $4.908 billion (2006 est.) |
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Debt external | $4.259 billion (2006 est.) |
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Economic aid recipient | $76.4 million (1995) |
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Currency code | Omani rial (OMR) |
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Exchange rates | Omani rials per US dollar - 0.3845 (2006), 0.3845 (2005), 0.3845 (2004), 0.3845 (2003), 0.3845 (2002) |
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| Communications - Oman: |
| Transportation - Oman: |
| Military - Oman: |
This page was last updated on 16 September, 2007
