GDP in Oman
Oman - GDPThe colossal budget deficit is casting a shadow over the economic panorama, recently leading Fitch Ratings to lower its outlook to negative, following a similar downgrade by S&P Global Ratings. The fiscal travails have weakened the external position, as the country issues more debt and draws down on the sovereign wealth fund. However, the government still managed to raise USD 2 billion in a heavily oversubscribed Islamic bond sale in May at a lower interest rate than initially expected. In addition, data for the first four months of the year show a fall in the fiscal deficit, thanks to higher hydrocarbon and corporate tax revenue, with the latter due to a recent tax reform. Nevertheless, the challenges to putting the public finances on a sustainable path are manifold; infrastructure spending could prove hard to rein in due to economic diversification efforts, while regional tensions could discourage defense spending cuts.
Oman - GDP Data
|Economic Growth (GDP, annual variation in %)||-1.1||7.1||4.4||2.5||5.7|
5 years of economic forecasts for more than 30 economic indicators.
Oman GDP Chart
Source: National Center for Statistics and Information and FocusEconomics calculations.
|Exchange Rate||0.39||-0.03 %||Jul 26|
|Stock Market||0.1||0.0 %||Jul 25|
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