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.)