Oman Economy Overview

Oman, a high-income economy situated on the southeastern coast of the Arabian Peninsula, is heavily reliant on its oil industry. Known for its extensive welfare system, the Omani government has been actively working towards diversifying its economic portfolio. In 2023, Oman's exports were estimated at $64.749 billion, showcasing a significant contribution from its crude oil extraction and natural gas production industries. Despite the challenges posed by increasing government debt, the unemployment rate has remained relatively low, with a 3.2% estimate for 2023. Furthermore, Oman has established a free trade agreement with the United States, enhancing its trade relations and economic growth. The stable exchange rate of the Omani rial against the US dollar, consistently at 0.384 from 2020 to 2024, reflects the country's commitment to maintaining financial stability. As Oman continues its efforts to diversify, the participation of women in the labor force is noteworthy, highlighting the country's progressive economic policies.

Budget

revenues

$29.334 billion (2018 est.)

expenditures

$35.984 billion (2018 est.)

Exports

Exports 2021

$46.572 billion (2021 est.)

Exports 2022

$69.483 billion (2022 est.)

Exports 2023

$64.749 billion (2023 est.)

Imports

Imports 2021

$37.216 billion (2021 est.)

Imports 2022

$46.682 billion (2022 est.)

Imports 2023

$47.412 billion (2023 est.)

Industries

crude oil extraction and processing, production of natural and liquefied natural gas; sectors include construction, cement, copper, steel, chemicals, and optic fiber

Labor force

2.696 million (2024 est.)

Public debt

Public debt 2017

46.9% of GDP (2017 est.)

Remittances

Remittances 2021

0% of GDP (2021 est.)

Remittances 2022

0% of GDP (2022 est.)

Remittances 2023

0% of GDP (2023 est.)

Exchange rates

Currency

Omani rials (OMR) per US dollar -

Exchange rates 2020

0.384 (2020 est.)

Exchange rates 2021

0.384 (2021 est.)

Exchange rates 2022

0.384 (2022 est.)

Exchange rates 2023

0.384 (2023 est.)

Exchange rates 2024

0.384 (2024 est.)

Economic overview

high-income economy reliant on oil; extensive welfare system; increasing government debt; policy favoring labor force growth based on citizenship; agreement on free trade with the US; efforts to diversify the economic portfolio; significant participation of women in the labor force

Unemployment rate

Unemployment rate 2022

3.3% (2022 est.)

Unemployment rate 2023

3.2% (2023 est.)

Unemployment rate 2024

3.2% (2024 est.)

Exports - partners

China 43%, India 6%, Saudi Arabia 5%, UAE 5%, South Africa 4% (2023)

Imports - partners

UAE 25%, Saudi Arabia 12%, India 8%, China 7%, Qatar 5% (2023)

Real GDP per capita

Real GDP per capita 2022

$39,800 (2022 est.)

Real GDP per capita 2023

$37,700 (2023 est.)

Real GDP per capita 2024

$36,700 (2024 est.)

Real GDP growth rate

Real GDP growth rate 2022

8% (2022 est.)

Real GDP growth rate 2023

1.2% (2023 est.)

Real GDP growth rate 2024

1.7% (2024 est.)

Agricultural products

vegetables, dates, milk, tomatoes, sorghum, chillies/peppers, goat milk, cucumbers/gherkins, cantaloupes/melons, cabbages (2023)

Exports - commodities

crude petroleum, refined petroleum, natural gas, semi-finished iron, fertilizers (2023)

Imports - commodities

refined petroleum, cars, crude petroleum, iron ore, iron pipes (2023)

Current account balance

Current account balance 2021

-$4.836 billion (2021 est.)

Current account balance 2022

$4.362 billion (2022 est.)

Current account balance 2023

$2.638 billion (2023 est.)

GDP (official exchange rate)

$106.943 billion (2024 est.)

GDP - composition, by end use

household consumption

37.8% (2023 est.)

government consumption

19.1% (2023 est.)

investment in inventories

2.4% (2023 est.)

investment in fixed capital

24.3% (2023 est.)

exports of goods and services

61.1% (2023 est.)

imports of goods and services

-44.8% (2023 est.)

Average household expenditures

on food

18.7% of household expenditures (2023 est.)

on alcohol and tobacco

0.1% of household expenditures (2023 est.)

Inflation rate (consumer prices)

Inflation rate (consumer prices) 2021

1.7% (2021 est.)

Inflation rate (consumer prices) 2022

2.5% (2022 est.)

Inflation rate (consumer prices) 2023

1% (2023 est.)

Industrial production growth rate

0.2% (2024 est.)

Real GDP (purchasing power parity)

Real GDP (purchasing power parity) 2022

$188.169 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$190.403 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$193.591 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

11% (2024 est.)

total

13.9% (2024 est.)

female

30.9% (2024 est.)

Reserves of foreign exchange and gold

Reserves of foreign exchange and gold 2022

$17.606 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$17.455 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$18.287 billion (2024 est.)

GDP - composition, by sector of origin

industry

54.2% (2024 est.)

services

46.5% (2024 est.)

agriculture

2.6% (2024 est.)

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