Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Oman economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Oman best banks and safest banks are also available.
Basic Information
Government Type: Absolute Monarchy
Capital City: Muscat
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank |
Central Bank of Oman |
|---|---|
| Currency |
Omani rials (OMR) |
| International Reserves |
USD 17.4 billion (2018) |
| Gross Domestic Product – GDP |
USD 82.2 billion (2018, estimate) |
| GDP (Purchasing Power Parity) |
Intl$ 198.5 billion (2018, estimate) |
GDP Data
| Real GDP growth |
2014 1.4% 2015 4.7% 2016 5.0% 2017* -0.9% 2018* 2.1% |
|---|---|
| GDP per capita – current prices |
USD 19,302.2 (2018, estimate) |
| GDP per capita – PPP |
Intl$ 46,584.0 (2018, estimate) |
| GDP (PPP) – share of world total |
0.14% (2019, estimate) |
| GDP – composition by sector |
agriculture: 2.2% industry: 47.1% services: 46.6% (2016 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2014 0.1% 2015 1.1% 2016 1.6% 2017* 0.9% 2018* 0.8% |
Oman
Emerging & Frontier Markets
Oman: Attracting Diverse Investments
Features
Oman At A Crossroads
Emerging & Frontier Markets
Oman: Looking UpInflation & Debt
| Inflation |
2014 0.1% 2015 1.1% 2016 1.6% 2017* 0.9% 2018* 0.8% |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: BB Moody’s: Ba1 Standard & Poor’s / Moody’s (Updated as of January 24th 2017) |
| Unemployment rate | N/A |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2014 15.5% 2015 32.7% 2016 46.4% 2017* 53.4% 2018* 59.9% |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2014 -15.9% 2015 -21.3% 2016 -14.0% 2017* -7.9% 2018* -6.7% |
| Market value of publicly traded shares |
2016: USD 23.3 billion 2017: USD 21.3 billion 2018: USD 18.8 billion |
| Largest Companies |
Bank Muscat. |
Import/Export
| Exports as percent of GDP (Exports of goods and services) |
5.9% (2017) |
|---|---|
| Shares in world total merchandising export |
0.004% (2018) |
| Shares in world total commercial services export |
0.008% (2018) |
| Total exports |
USD 1.6 billion (2018 estimate) |
| Export commodities |
Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs |
| Total imports |
USD 8.3 billion (2018 estimate) |
| Import commodities |
Machinery and other capital goods, food, textiles, petroleum products |
| Exports – major partners |
India 56.5%, Pakistan 29.6% (2017) |
| Imports – major partners |
China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017) |
Competitiveness & Trade
| Current account balance |
USD -4.3 billion (2018 estimate) |
|---|---|
| Current account balance by percentage of GDP |
-5.5 % (2018 estimate) |
| FDI inflows |
2016 USD 2,265 million 2017 USD 2,918 million 2018 USD 4,191 million |
| FDI Outflows |
2016 USD 356 million 2017 USD 2,424 million 2018 USD 567 million |
| Value of cross-border M&A, by country of purchaser |
2015 USD -1,044 million 2016 USD -105 million 2017 USD 1,350 million 2018 USD 78 million United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 68 out of 190 countries (2019) Subcategories: Starting a Business: 32 out of 190 countries Dealing with Construction Permits: 47 out of 190 countries Getting Electricity: 35 out of 190 countries Registering Property: 52 out of 190 countries Getting Credit: 144 out of 190 countries Protecting Minority Investors: 88 out of 190 countries Paying Taxes: 11 out of 190 countries Trading across Borders: 64 out of 190 countries Enforcing Contracts: 69 out of 190 countries Resolving Insolvency: 97 out of 190 countries |
| Global competitiveness ranking | 53 out of 141 (2019) |
| Index of Economic Freedom |
Ranking: 88 / Score: 61 (Moderately free) (2019) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Total Area |
309,500 sq km |
|---|---|
| Total Population |
1990 1.843 million 2000 2.402 million 2010 2.885 million 2016* 3.957 million 2021* 4.619 million *estimate |
| Urban population as % of total population |
1960 16% 1980 48% 2000 72% 2015 78% |
| Population median age |
25.4 years (2016 estimate) CIA World Factbook / Population median age |
| Population growth rate |
2.05% (2016 estimate) |
| Life expectancy |
75.5 years (2016 estimate) CIA World Factbook / Life expectancy |
| % of population living on less than $3.10 a day | N/A |
| Inequality of wealth distribution (Gini index) | N/A |
| Freedom House rating |
Political Rights: 6 Civil Liberties: 5 (2017) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed 10.46% Mobile 159.86% (2015) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population |
74.17% (2015) |
Language & Religon
| Languages |
Arabic (official), English, Baluchi, Urdu, Indian dialects |
|---|---|
| Literacy |
Total population: 91.1% Male: 93.6% Female: 85.6% (2015 est.) (age 15 and over can read and write) |
| Religions |
Muslim (official; majority are Ibadhi, lesser numbers of Sunni and Shia) 85.9%, Christian 6.5%, Hindu 5.5%, Buddhist 0.8%, Jewish <0.1%, other 1%, unaffiliated 0.2% (2010 est.) Note: approximately 75% of Omani citizens, who compose almost 70% of the country’s total population, are Ibadhi Muslims; the Omani government does not keep statistics on religious affiliation (2013) |
World Rankings
| Population | 2.8 M |
|---|---|
| Mercer Cost of living index | N/A |
| C02 Emissions per capita |
1.9 metric tons per capita (2018) |
Global Finance Rankings & Awards: Oman
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000