Oman Economic Outlook
March 5, 2019
The economy likely rebounded in 2018 after a contraction in 2017, primarily on the back of increased hydrocarbon output and prices. Preliminary estimates show the fiscal deficit fell in absolute terms to a four-year low on the back of higher government revenue, despite greater expenditure. Moreover, international reserves climbed, while exports rose by over a third in January–September. Turning to 2019, Moody’s said in February that the fiscal deficit is unlikely to improve much more due to lacking policy action from the government. Meanwhile, a large sebacic acid factory began production in the city of Duqm in the same month, highlighting government economic diversification efforts.Oman Economic Growth
In 2019, increased output from the Khazzan-Makarem gas field, stronger fixed investment and the government’s push to strengthen non-hydrocarbon output should support overall growth. However, the economy continues to face large fiscal imbalances. FocusEconomics Consensus Forecast panelists forecast growth of 3.0% in 2019, which is unchanged from last month’s forecast, and 2.5% in 2020.Oman Economy Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Population (million) | 3.6 | 3.7 | 3.8 | 4.0 | 4.1 |
| GDP per capita (USD) | 21,935 | 21,784 | 18,214 | 16,646 | 17,546 |
| GDP (USD bn) | 78.8 | 81.0 | 68.8 | 66.7 | 72.5 |
| Economic Growth (GDP, annual variation in %) | 5.3 | 1.2 | 4.7 | 5.4 | - |
| Consumption (annual variation in %) | 6.0 | 5.1 | -0.6 | -0.6 | - |
| Investment (annual variation in %) | 12.4 | 2.4 | 1.1 | -0.7 | - |
| Industrial Production (annual variation in %) | 3.1 | 0.2 | 5.4 | 3.2 | - |
| Unemployment Rate | 17.1 | 16.4 | 15.8 | 15.8 | 16.0 |
| Fiscal Balance (% of GDP) | -0.3 | -1.2 | -19.0 | -26.0 | -11.7 |
| Public Debt (% of GDP) | 4.9 | 4.9 | 12.8 | 31.4 | - |
| Inflation Rate (CPI, annual variation in %) | 1.3 | 1.0 | 0.1 | 1.1 | 1.7 |
| Policy Interest Rate (%) | 1.00 | 1.00 | 1.00 | 1.19 | 1.95 |
| Exchange Rate (vs USD) | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Current Account (% of GDP) | 6.6 | 5.2 | -15.9 | -18.4 | - |
| Current Account Balance (USD bn) | 5.2 | 4.2 | -10.9 | -12.3 | - |
| Trade Balance (USD billion) | 24.4 | 25.6 | 9.1 | 6.2 | - |
| Exports (USD billion) | 56.4 | 53.5 | 35.6 | 27.5 | - |
| Imports (USD billion) | 32.0 | 27.9 | 26.5 | 21.3 | - |
| Exports (annual variation in %) | 8.2 | -5.1 | -33.4 | -22.8 | - |
| Imports (annual variation in %) | 25.0 | -13.0 | -4.8 | -19.9 | - |
| International Reserves (USD) | 15.9 | 16.3 | 17.5 | 20.2 | 16.1 |
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Oman Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 0.39 | 0.06 % | Mar 11 |
| Stock Market | 0.1 | 0.0 % | Mar 08 |
Start Your Free Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
© Copyright: 2019 | Oman Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed ...
