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 (2003 est.)
GDP - real growth rate:
1.1% (2003 est.)
GDP - per capita:
purchasing power parity - $13,100 (2003 est.)
GDP - composition by sector: agriculture: 3.1% industry: 42.1% services: 54.8% (2003 est.)
Investment (gross fixed):
13% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
-0.3% (2003 est.)
Labor force:
920,000 (2002 est.)