The CIA World Factbook Every edition, 1990 to 2025 Middle East
Economic overview Oman, in 36 editions.
The entry for Oman published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 30 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 30
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Same as 2024Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 70% of government revenues, and more than 50% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 70% of government revenues, and more than 50% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.
Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly all export earnings, about 70% 80% of government revenues, and more than 50% roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.
Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for more than 90% of export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Although agriculture employs a majority of the population, urban centers depend on imported food.
Economic performance is closely tied to the fortunes of the oil industry.
Petroleum accounts for nearly all more than 90% of export earnings, about 80% of
government revenues, and roughly 40% of GDP. Oman has proved oil reserves of
4 billion barrels, equivalent to about 20 years' supply at the current rate
of extraction. Although agriculture employs a majority of the population,
urban centers depend on imported food.
Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for more than 85% of export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food.
Economic performance is closely tied to the fortunes of the oil industry.
Petroleum accounts for more than 90% 85% of export earnings, about 80% of
government revenues, and roughly 40% of GDP. Oman has proved oil reserves of
4 billion barrels, equivalent to about 20 years' supply at the current rate
of extraction. Although agriculture employs Agriculture is carried on at a majority of subsistence level and the population,urban centers depend general population depends on imported food.
Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry, including trends in international oil prices and the ability of OPEC producers to agree on output quotas. Petroleum accounts for more than 85% of export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.
Economic performance is closely tied to the fortunes of the oil industry.
industry, including trends in international oil prices and the ability
of OPEC producers to agree on output quotas. Petroleum accounts for
more than 85% of export earnings, about 80% of
and roughly 40% of GDP. Oman has proved oil reserves of
barrels, equivalent to about 20 years' supply at the current rate
extraction. Agriculture is carried on at a subsistence level and the
general population depends on imported food. The government is
encouraging private investment, both domestic and foreign, as a prime
force for further economic development.
Published as “Overview”
Economic performance is closely tied to the fortunes of the oil industry, including trends in international oil prices and the ability of OPEC producers to agree on output quotas. Petroleum accounts for more than 85% of export earnings, about 80% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.
Economic performance is closely tied to the fortunes of the oil
oil industry, including trends in international oil prices and the ability
ability of OPEC producers to agree on output quotas. Petroleum
accounts forrevenues,
revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion
billion barrels, equivalent to about 20 years' supply at the current
rate of
and the
encouraging private investment, both domestic and foreign, as a prime
force for further economic development.
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for nearly 90% of export earnings, about 75% of government revenues, and roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.
Economic performance is closely tied to the
fortunes of theindustry, including trends in international oil prices and the industry. Petroleum
ability of OPEC producers to agree on output quotas.more than 85% nearly 90% of
export earnings, about 80% 75% of government
of GDP. Oman has proved oil reserves of 4
equivalent to about 20 years' supply at the current
extraction. Agriculture is carried on at a subsistence level
general population depends on imported food. The government is
encouraging private investment, both domestic and foreign, as a prime
prime force for further economic development.
Published as “Economy - overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' supply at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The year 1996 was marked by higher oil production and prices. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.
Economic performance is closely tied to the
fortunes of the oil industry. Petroleum accounts for nearly 90% of 75% of export
export earnings, about
earnings and government revenues, revenues and for roughly 40%
proved oil reserves of 4 billion barrels,
years' supply at the current rate of
carried on at a subsistence level and the
on imported food. The year 1996 was marked by higher oil production
and prices. The government is
domestic and foreign, as a
development.
Published as “Economy-overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' production at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The year 1996 was marked by higher oil production and prices. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development.
Economic performance is closely tied to the
of the oil industry. Petroleum accounts for 75% of export
government revenues and for roughly 40% of GDP. Oman has
reserves of 4 billion barrels, equivalent to about 20supply
production at the current rate of extraction. Agriculture is
on at a subsistence level and the general population depends
imported food. The year 1996 was marked by higher oil production
prices. The government is encouraging private investment, both
domestic and foreign, as a prime force for further economic
development.
Published as “Economy--overview”
Economic performance is closely tied to the fortunes of the oil industry. Petroleum accounts for 75% of export earnings and government revenues and for roughly 40% of GDP. Oman has proved oil reserves of 4 billion barrels, equivalent to about 20 years' production at the current rate of extraction. Agriculture is carried on at a subsistence level and the general population depends on imported food. The government is encouraging private investment, both domestic and foreign, as a prime force for further economic development. In 1998-99 the economy is suffering from weak world oil prices.
Economic performance is closely tied to the fortunes
fortunes of the oil industry. Petroleum accounts for 75% of export
earnings and
has proved oilyears'
years' production at the current rate of extraction. Agriculture is carried
carried on at a subsistence level and the general population depends on
on imported food. The year 1996 was marked by higher oil production and government is encouraging private investment,
prices. Theboth
both domestic and foreign, as a prime force for further economic
development. In 1998-99 the economy is suffering from weak world oil
prices.
Published as “Economy - overview”
Oman's economic performance improved significantly in 1999 due largely to the mid-year upturn in oil prices. 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 in an effort to accede to the World Trade Organization (WTrO) and is likely to gain membership in 2000.
Rewritten: too little of the 1999 text remains to mark the changes.
Oman's economic performance improved significantly in 1999 due largely to the mid-year upturn in oil prices. 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 in an effort to accede to the World Trade Organization (WTrO) and is likely to gain membership in 2000.
Published as “Economy - overview”
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. 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 (WTrO) in November 2000.
Oman's economic performance improved significantly in 1999 2000 due largely to the mid-year upturn in oil prices. 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 in an effort to accede to and joined the World Trade Organization (WTrO) and is likely to gain membership in November 2000.
Published as “Economy - overview”
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. 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 (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown.
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. 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 (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown.
Published as “Economy - overview”
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. 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 (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown and then fell back to 2.2% in 2002. In order to reduce unemployment, the government is trying to replace expatriate workers with local workers. Another government objective is the development of the nation's gas resources.
Oman's economic performance improved significantly in 2000 due largely to the upturn in oil prices. 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 (WTrO) in November 2000. GDP growth improved in 2001 despite the global slowdown. slowdown and then fell back to 2.2% in 2002. In order to reduce unemployment, the government is trying to replace expatriate workers with local workers. Another government objective is the development of the nation's gas resources.
Published as “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.
Oman's economic performance improved significantly in 2000 due largely to the upturn in Oman is a small, well-off middle Eastern economy with large oil prices. 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 (WTrO) (WTO) in November 2000. GDP growth improved in 2001 despite the global slowdown and then fell back to 2.2% in 2002. In order to reduce unemployment, unemployment and limit dependence on foreign countries, the government is trying to replace encouraging the replacement of expatriate workers with local workers. Another government objective is people, i.e., the development process of the nation's Omanization. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources.
Published as “Economy - overview”
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. The government is privatizing its utilities and diversifying its economy to attract foreign investment. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. To reduce unemployment and limit dependence on foreign countries, the government is encouraging the replacement of expatriate workers with local people, i.e., Omanization.
Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports.
Oman is a small, well-off middle Eastern middle-income economy in the Middle East with large notable oil and gas resources, a substantial trade surplus, and low inflation. The government is moving ahead with privatization of privatizing its utilities, the development of a body of commercial law utilities and diversifying its economy to facilitate attract foreign investment, and increased budgetary outlays. investment. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. In order to 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. resources, metal manufacturing, petrochemicals, and international transshipment ports.
Published as “Economy - overview”
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. Work on a new liquefied natural gas (LNG) facility progressed in 2005 and will contribute to slightly higher oil and gas exports in 2006. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of foreign expatriate workers with local workers.
Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports. In 2005, Oman signed agreements with several foreign investors to boost oil reserves, build and operate a power plant, and develop a second mobile phone network in the country.
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. The government is privatizing its utilities Work on a new liquefied natural gas (LNG) facility progressed in 2005 and diversifying its economy will contribute to attract foreign investment. slightly higher oil and gas exports in 2006. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. To reduce unemployment and limit dependence on foreign countries, labor, the government is encouraging the replacement of foreign expatriate workers with local people, i.e., Omanization. workers. Training in information technology, business management, and English support this objective. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports. In 2005, Oman signed agreements with several foreign investors to boost oil reserves, build and operate a power plant, and develop a second mobile phone network in the country.
Published as “Economy - overview”
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. 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.
To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of 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.
Oman is a middle-income economy in the Middle East with notable oil and gas resources, a substantial trade surplus, and low inflation. Work on a new liquefied natural gas (LNG) facility progressed Sustained high oil prices in 2005 recent years have helped build Oman's budget and will contribute to slightly higher oil trade surpluses and gas exports in 2006. foreign reserves. Oman continues to liberalize its markets and joined the World Trade Organization (WTO) in November 2000. 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. To reduce unemployment and limit dependence on foreign labor, the government is encouraging the replacement of foreign expatriate workers with local workers. Training Oman actively seeks private foreign investors, especially in the industrial, information technology, business management, tourism, and English support this objective. higher education fields. Industrial development plans focus on gas resources, metal manufacturing, petrochemicals, and international transshipment ports. In 2005, Oman signed agreements with several foreign investors to boost oil reserves, build and operate a power plant, and develop a second mobile phone network in the country.
Published as “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.
Oman is a middle-income economy in the Middle East with notable that is heavily dependent on dwindling oil and gas resources, a substantial trade surplus, and low inflation. Sustained 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 2006, and, through the Gulf Cooperation Council, seeks similar agreements with the EU, China and Japan. To reduce unemployment and limit dependence As a result of its dwindling oil resources, Oman is actively pursuing a development plan that focuses on foreign labor, diversification, industrialization, and privatization, with the government objective of reducing the oil sector's contribution to GDP to 9 percent by 2020. Muscat is encouraging attempting to "Omanize" the replacement of 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.
Published as “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. 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% by 2020.
Some of these projects may be in jeopardy, however, because Muscat overestimated its ability to produce or secure the natural gas needed to power them. 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. The drop in oil prices and the global financial crisis in 2008 will affect Oman's fiscal position and it may post a deficit in 2009 if oil prices stay low. In addition, the global credit crisis is slowing the pace of investment and development projects - a trend that probably will continue into 2009.
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 9% by 2020. Some of these projects may be in jeopardy, however, because Muscat is attempting overestimated its ability to "Omanize" produce or secure the labor force by replacing foreign expatriate workers with local workers. natural gas needed to power them. 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. The drop in oil prices and the global financial crisis in 2008 will affect Oman's fiscal position and it may post a deficit in 2009 if oil prices stay low. In addition, the global credit crisis is slowing the pace of investment and development projects - a trend that probably will continue into 2009.
Published as “Economy - overview”
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices thoughout 2010 provides the government greater financial resources to invest in non-oil sectors.
Rewritten: too little of the 2009 text remains to mark the changes.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices thoughout 2010 provides the government greater financial resources to invest in non-oil sectors.
Published as “Economy - overview”
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices throughout 2010 provides the government greater financial resources to invest in non-oil sectors.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices thoughout throughout 2010 provides the government greater financial resources to invest in non-oil sectors.
Published as “Economy - overview”
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce.
Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves, reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020. 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices throughout 2010 provides through 2011 provided the government greater financial resources to invest in non-oil sectors.
Published as “Economy - overview”
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce.
Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.
In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups.
In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
Published as “Economy - overview”
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce.
Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.
In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups.
In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
Published as “Economy - overview”
Oman is heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% to 9% by 2020. Muscat also is focused on creating more jobs to employ the rising numbers of Omanis entering the workforce.
Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget.
Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups.
Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because resources, which generates 77% of declining reserves and a rapidly growing labor force, government revenue. It is using enhanced oil recovery techniques to boost production. Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% to 9% by 2020 and 2020. Muscat also is focused on creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge have challenged the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high as oil prices and increased enhanced oil recovery allowed the decline. Despite government to maintain growth in acknowledgement that Oman’s expansive social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and called for have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support SME the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing have announced new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.
Published as “Economy - overview”
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2015, low global oil prices drove Oman’s budget deficit to $6.5 billion, or nearly 11% of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production and has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also is focused on creating more jobs to employ the rising number of Omanis entering the workforce. Increases in social welfare benefits, however, particularly since the Arab Spring, dating to 2011, have challenged the government's ability to effectively balance its budget, as oil prices decline. Omani officials intend to reduce social entitlements to cut the deficit but have faced stiff public opposition to spending cuts, hindering their implementation.
Oman is heavily dependent on its dwindling oil resources, which generates 77% generate 84% of government revenue. It In 2015, low global oil prices drove Oman’s budget deficit to $6.5 billion, or nearly 11% of GDP. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production. Muscat production and has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also is focused on creating more jobs to employ the rising numbers number of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases Increases in social welfare benefits, however, particularly since the Arab Spring, dating to 2011, have challenged the government's ability to effectively balance its budget budget, as oil prices decline. Despite government acknowledgement that Oman’s expansive Omani officials intend to reduce social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts entitlements to support cut the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies deficit but have announced new initiatives to spin off non-essential functions faced stiff public opposition to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. spending cuts, hindering their implementation.
Published as “Economy - overview”
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which could hinder their implementation.
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2015, 2016, low global oil prices drove Oman’s budget deficit to $6.5 $11.5 billion, or nearly 11% approximately 19% of GDP. GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production and production, but has actively simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020. 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also is has notably focused on creating more Omani jobs to employ the rising number of Omanis nationals entering the workforce. Increases in However, high social welfare benefits, however, particularly since benefits — that had increased in the wake of the 2011 Arab Spring, dating to 2011, Spring — have challenged the government's ability to effectively balance its budget, as budget in light of low export oil prices decline. prices. In response, Omani officials intend to reduce social entitlements imposed austerity measures to cut the deficit but its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced stiff some public opposition to spending cuts, hindering opposition, which could hinder their implementation.
The same text in 2018 and 2019.
Published as “Economy - overview”
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates.
It is issuing debt to cover its deficit. Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
Oman is heavily dependent on its dwindling oil and gas resources, which can generate 84% between and 68% and 85% of government revenue. revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 $13.8 billion, or approximately 19% 20% of GDP, but the budget deficit was is estimated to have reduced to 13% 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has limited sufficient foreign assets and to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are GDP. The key components of the government's diversification strategy.strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture. Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — - that had increased in the wake of the 2011 Arab Spring — - have challenged made it impossible for the government's ability government to effectively balance its budget in light of low export current oil prices. In response, Omani officials imposed austerity measures to on its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The 2016. These spending cuts have faced some public opposition, had only a moderate effect on the government’s budget, which could hinder their implementation. is projected to again face a deficit of $7.8 billion in 2018.
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates.
It is issuing debt to cover its deficit. Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit. Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture. Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
The same text in 2021 and 2022.
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
The same text in 3 editions, 2023 to 2025.
- high-income, oil-based economy;
- large welfare system;
- growing government debt;
- citizenship-based labor force growth policy;
- US free trade agreement;
- diversifying portfolio;
- high female labor force participation
Rewritten: too little of the 2022 text remains to mark the changes.
high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation
No edition has those words. Try a shorter word.
Cite this page
Central Intelligence Agency. “Oman: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/oman/economic-overview.