Browse additional economic indicators and data sets

Oman

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%

Inflation & 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

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