| variable | 1980-1989 | 1990-1999 | 2000-2007 | 2008-2009 | 2010-2019 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| real gdp growth | 8.76 | 4.75 | 3.14 | 4.25 | 2.54 | 1.4 | 1.6 | 2.4 | 3.5 | 3.4 |
| CPI % | 1.88 | 0.47 | 2.94 | 3.4 | 1.28 | 1.0 | 0.6 | 1.0 | 1.7 | 1.9 |
| Unemployment rate | - | - | - | - | - | - | - | - | - | - |
| Debt/GDP % | 17.8 | 23.69 | 11.19 | 5.65 | 26.61 | 37.4 | 35.5 | 35.8 | 32.7 | 32.7 |
| Current account balance/GDP % | 3.47 | -3.32 | 8.2 | 3.35 | -3.94 | 2.3 | 3.2 | 1.3 | 7.5 | 5.6 |
Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here
The inhabitants of the area of present-day Oman have long prospered from Indian Ocean trade. In the late 18th century, the nascent sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, although the sultanate never became a British colony. In 1970, QABOOS bin Said Al Said overthrew his father and ruled as sultan for the next five decades. His extensive modernization program opened the country to the outside world. He prioritized strategic ties to the UK and US, and his moderate, independent foreign policy allowed Oman to maintain good relations with its neighbors and avoid external entanglements. In 2011, the popular uprisings that swept the Middle East and North Africa inspired demonstrations in Oman that called for more jobs and economic benefits and an end to corruption. In response, QABOOS implemented economic and political reforms such as granting Oman’s legislative body more power and authorizing direct elections for its lower house. Additionally, the sultan increased unemployment benefits and issued a royal directive mandating a national public- and private-sector job creation plan. As part of the government's efforts to decentralize authority and allow greater citizen participation in local governance, Oman successfully conducted its first municipal council elections in 2012. QABOOS, Oman's longest reigning monarch, died in 2020. His cousin, HAYTHAM bin Tariq Al Said, former Minister of Heritage and Culture, was sworn in as Oman's new sultan the same day.
Area: 309,500 sq km km2
Climate: dry desert; hot, humid along coast; hot, dry interior; strong southwest summer monsoon (May to September) in far south
Natural resources: petroleum, copper, asbestos, some marble, limestone, chromium, gypsum, natural gas
Groups: Arab, Baluchi, South Asian (Indian, Pakistani, Sri Lankan, Bangladeshi), African
Languages: Arabic (official), English, Baluchi, Swahili, Urdu, Indian dialects
Religions: Muslim 85.9%, Christian 6.4%, Hindu 5.7%, other and unaffiliated 2% (2020 est.)
Capital: Muscat
Government type: absolute monarchy
Chief of state: Sultan and Prime Minister HAITHAM bin Tarik Al Said (since 11 January 2020)
Head of government: Sultan and Prime Minister HAITHAM bin Tarik Al Said (since 11 January 2020)
Description: Majles - bicameral
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
crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber
GDP by sector: Agriculture: 2.6% (2024 est.), Industry: 54.2% (2024 est.), Services: 46.5% (2024 est.)
Export partners: China 43%, India 6%, Saudi Arabia 5%, UAE 5%, South Africa 4% (2023)
Export commodities: crude petroleum, refined petroleum, natural gas, semi-finished iron, fertilizers (2023)
Import partners: UAE 25%, Saudi Arabia 12%, India 8%, China 7%, Qatar 5% (2023)
Import commodities: refined petroleum, cars, crude petroleum, iron ore, iron pipes (2023)
Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and the UAE
Military expenditure: 2024: 6% of GDP (2024 est.)
Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.