Part 637

Economy

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.

GDP: purchasing power parity - $20.8 billion (1996 est.)

GDP - real growth rate: 6.5% (1996 est.)

GDP - per capita: purchasing power parity - $9,500 (1996 est.)

GDP - composition by sector: agriculture : 3% industry: 55% services : 42% (1994 est.)

Inflation rate - consumer price index: 0.5% (1996 est.)

Labor force: total: 454,000 by occupation: agriculture 37% (1993 est.)

Unemployment rate: NA%

Budget: revenues : $5.3 billion expenditures: $6 billion, including capital expenditures of $NA (1997 est.)

Industries: crude oil production and refining, natural gas production, construction, cement, copper

Industrial production growth rate: 3% (1994 est.)

Electricity - capacity: 1.74 million kW (1994)

Electricity - production: 7.39 billion kWh (1994)

Electricity - consumption per capita: 3,412 kWh (1995 est.)

Agriculture - products: dates, limes, bananas, alfalfa, vegetables; camels, cattle; annual fish catch averages 100,000 metric tons

Exports: total value: $7.2 billion (f.o.b., 1996 est.) commodities: petroleum 75%, reexports, fish, processed copper, textiles partners: Japan 32%, South Korea 16%, Thailand 12%, China 8%, US 6%, Taiwan 6% (1995)

Imports: total value: $5.5 billion (c.i.f., 1996 est.) commodities: machinery, transportation equipment, manufactured goods, food, livestock, lubricants partners : UAE 25% (largely reexports), UK 16%, Japan 16%, France 11%, US 5% (1995)

Debt - external: $2.7 billion (1995 est.)

Economic aid: recipient : ODA, $82 million (1993)

Currency: 1 Omani rial (RO) = 1,000 baiza

Exchange rates: Omani rials (RO) per US$1 - 0.3845 (fixed rate since 1986)

Fiscal year: calendar year

@Oman:Communications

Telephones: 150,000 (1994 est.)

Telephone system: modern system consisting of open wire, microwave, and radiotelephone communication stations; limited coaxial cable domestic: open wire, microwave, radiotelephone communications, and a domestic satellite system with 8 earth stations international : satellite earth stations - 2 Intelsat (Indian Ocean) and 1 Arabsat

Radio broadcast stations: AM 2, FM 4, shortwave 1

Radios: 1.043 million (1992 est.)