Economy Of Oman - Oman Information

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Economy Of Oman
Oman Information - Country Guides

Economy overview	Oman is a small, well-off middle Eastern economy with large oil and gas resources, a substantial trade surplus, and low inflation. 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 and joined the World Trade Organization (WTO) in November 2000. In order to reduce unemployment and limit dependence on foreign countries, the government is encouraging the replacement of expatriate workers with local people, i.e., the process of Omanization. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources.
GDP	purchasing power parity - $36.7 billion (2004 est.)
GDP - real growth rate	1.1% (2004 est.)
GDP - per capita	purchasing power parity - $13,100 (2004 est.)
GDP - composition by sector	agriculture: 3.1% industry: 42.1% services: 54.8% (2004 est.)
Investment gross fixed	13% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	-0.3% (2004 est.)
Labor force	920,000 (2002 est.)
Labor force by occupation	agriculture NA, industry NA, services NA
Unemployment rate	NA
Budget	revenues: $8.218 billion expenditures: $7.766 billion, including capital expenditures of na (2004 est.)
Public debt	15.6% of GDP (2004 est.)
Agriculture products	dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industries	crude oil production and refining, natural gas production, construction, cement, copper
Industrial production growth rate	0.2% (2004 est.)
Electricity production	9.274 billion kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	8.625 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	963,800 bbl/day (2004 est.)
Oil consumption	53,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	5.703 billion bbl (2004)
Natural gas production	13.77 billion cu m (2001 est.)
Natural gas consumption	6.34 billion cu m (2001 est.)
Natural gas exports	7.43 billion cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	846.4 billion cu m (2004)
Current account balance	$2.173 billion (2004 est.)
Exports	$11.7 billion f.o.b. (2004 est.)
Exports commodities	petroleum, reexports, fish, metals, textiles
Exports partners	South Korea 18.7%, China 18.5%, Japan 16.2%, Thailand 12.2%, UAE 7.8%, Iran 4.1% (2003)
Imports	$5.659 billion f.o.b. (2003 est.)
Imports commodities	machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports partners	UAE 21.6%, Japan 17.1%, US 6.2%, UK 5.6%, Germany 4.4%, India 4.4% (2003)
Reserves of foreign exchange gold	$3.594 billion (2004 est.)
Debt external	$5.973 billion (2004 est.)
Economic aid recipient	$76.4 million (1995)
Currency	Omani rial (OMR)
Currency code	OMR
Exchange rates	Omani rials per US dollar - 0.3845 (2003), 0.3845 (2002), 0.3845 (2001), 0.3845 (2000), 0.3845 (1999)
Fiscal year	calendar year

Omani Flag Map Of Oman

Economy Of OmanOman Information - Country Guides

Economy Of Oman
Oman Information - Country Guides