Oman Economic Outlook
October 4, 2016On 17 September, the Tanfeedh—the National Program for Enhancing Economic Diversification—officially started the activity of its key workshops (‘Labs’), centered on enhancing economic activity in the three main areas of tourism, manufacturing and logistics. The workshops will be attended by government, private sector and civil society representatives and will be focused on studying the hurdles to boosting economic activity in each sector and how to resolve them. This program is part of the ninth government’s five-year plan and represents its latest move in order to reboot the economy, after the crude slump slashed its main source of state revenues and major contributor to growth.
Oman Economy Data
|GDP per capita (USD)||22,668||23,165||21,725||19,963||-|
|GDP (USD bn)||67.8||76.2||78.1||81.7||-|
|Economic Growth (GDP, annual variation in %)||-1.1||7.1||3.9||2.9||-|
|Consumption (annual variation in %)||4.2||14.4||6.6||4.4||-|
|Investment (annual variation in %)||1.3||26.2||5.1||4.1||-|
|Industrial Production (annual variation in %)||2.3||4.9||3.2||-||-|
|Fiscal Balance (% of GDP)||-0.4||-0.3||0.9||-3.4||-18.6|
|Public Debt (% of GDP)||4.8||4.6||4.9||4.8||-|
|Inflation Rate (CPI, annual variation in %)||4.0||2.9||1.3||1.0||0.1|
|Policy Interest Rate (%)||2.00||1.00||1.00||1.00||1.00|
|Exchange Rate (vs USD)||0.39||0.39||0.39||0.39||0.39|
|Current Account (% of GDP)||13.0||10.1||6.7||5.0||-|
|Current Account Balance (USD bn)||8.8||7.7||5.2||4.1||-|
|Trade Balance (USD billion)||25.6||26.5||24.4||25.3||-|
|Exports (USD billion)||47.0||52.1||56.4||53.2||-|
|Imports (USD billion)||21.5||25.6||32.0||27.9||-|
|Exports (annual variation in %)||28.6||10.7||8.2||-5.7||-|
|Imports (annual variation in %)||20.2||19.2||25.0||-13.0||-|
|International Reserves (USD)||14.3||14.3||15.9||16.3||17.5|
5 years of Oman economic forecasts for more than 30 economic indicators.
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|Exchange Rate||0.39||0.0 %||Oct 25|
|Stock Market||0.2||0.0 %||Oct 25|
Oman Economic Growth
October 4, 2016The Sultanate’s short-term economic outlook is still weak. The ongoing low-oil-price environment will continue to drag on government finances and thereby on growth, despite government’s efforts to restructure the fundamentals of the economy. Analysts forecast growth of 1.8% for this year, which is up 0.2 percentage points from last month’s forecast. They expect the economy to expand 1.6% in 2017.