Oman/Economy

Economy - overview: Oman's economic performance improved significantly in 1999 due largely to the mid-year upturn in oil prices. The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets in an effort to accede to the World Trade Organization (WTrO) and is likely to gain membership in 2000.

GDP: purchasing power parity - $19.6 billion (1999 est.)

GDP - real growth rate: 4% (1999 est.)

GDP - per capita: purchasing power parity - $8,000 (1999 est.)

GDP - composition by sector:
agriculture: 3%
industry: 40%
services: 57% (1999 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): -0.07% (1999 est.)

Labor force: 850,000 (1997 est.)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: NA%

Budget:
revenues: $3.9 billion
expenditures: $5.6 billion, including capital expenditures of $NA (1999 est.)

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

Industrial production growth rate: 2% (1997 est.)

Electricity - production: 7.36 billion kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 6.845 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish

Exports: $7.2 billion (f.o.b., 1999 est.)

Exports - commodities: petroleum, reexports, fish, metals, textiles

Exports - partners: Japan 21%, China 16%, Thailand 16%, South Korea 12%, US 3% (1997)

Imports: $5.4 billion (f.o.b., 1999 est.)

Imports - commodities: machinery and transport equipment, manufactured goods, food, livestock, lubricants

Imports - partners: UAE 23% (largely reexports), Japan 16%, UK 13%, US 7.5%, Germany 5% (1997)

Debt - external: $4.8 billion (1998 est.)

Economic aid - recipient: $76.4 million (1995)

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