Middle East > Oman > Economy

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Agriculture > products dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Current account balance	$4,866,000,000.00		[37th of 181]
Debt > External	$5,297,000,000.00		[91st of 136]
Economic freedom	2.2		[58th of 156]
Economy > Overview Oman is a middle-income economy that is heavily dependent on dwindling oil resources, but sustained high oil prices in recent years have helped build Oman's 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. As a result of its dwindling oil resources, Oman is actively pursuing a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9 percent by 2020. Muscat is attempting to "Omanize" the labor force by replacing 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.
Exchange rates Omani rials per US dollar - 0.3845 (2004), 0.3845 (2003), 0.3845 (2002), 0.3845 (2001), 0.3845 (2000)
Exports	$23,100,000,000.00		[64th of 189]
Exports to US	$151,000,000.00		[77th of 224]
GDP	$24,283,990,000.00		[72nd of 203]
GDP (purchasing power parity)	$60,890,000,000.00		[83rd of 187]
GDP > PPP	$35,851,000,000.00		[78th of 163]
GDP > Real growth rate	5.6%		[90th of 198]
GDP growth > annual %	3.13 annual %		[136th of 187]
GDP per capita, PPP > current international $	15,145.59 PPP $		[38th of 169]
Gross National Income	$14,895,600,000.00		[67th of 172]
Human Development Index	0.781		[71st of 178]
Income category	Upper middle income
Inflation rate (consumer prices)	5.9%		[83rd of 192]
Public debt	3.7 % of GDP		[119th of 121]
Tourist arrivals	375,000		[76th of 152]

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