Current Account in Oman

Oman Current Account | Economic News & Forecasts

Oman - Current Account

The economy performed well in 2018, largely thanks to higher oil and natural gas production. From January to November, hydrocarbon output rose significantly compared to the same period a year earlier and translated into stronger public finances and exports. However, despite the improving economy, the government made little progress in improving its underlying finances and remains highly dependent on oil revenue. Although the fiscal deficit is expected to have decreased in 2018, Fitch Ratings downgraded the sovereign debt rating of Oman to BB+ from BBB- on 18 December, citing higher recent spending than expected and uncertainty linked to future oil revenues. Meanwhile, on 1 January the government unveiled its 2019 budget, which forecasts a small increase in spending that is just outpaced by revenue growth.

Oman - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)6.6  5.2  -15.9  -18.4  -     

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Oman Current Account Chart

Oman Current Account
Note: Current account balance as % of GDP.
Source: Central Bank of Oman.

Oman Facts

Exchange Rate0.380.06 %Jan 16
Stock Market0.10.0 %Jan 16

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