Current Account in Oman
Oman - Current AccountWith the economy still below pre-pandemic levels at the end of 2021, growth likely remained moderate in Q1 2022. The emergence of the Omicron variant led the government to force non-essential businesses to close in February, while inflation was elevated in Q1 compared to 2021 on high commodity prices, likely denting private spending. Turning to Q2, momentum has gradually gathered. Covid-19 cases have subsided, allowing the government to relax restrictions. Near-decade high oil prices and rising oil production are boosting the external and fiscal balances, leading S&P to upgrade the country’s sovereign debt rating to ‘BB-’ with a stable outlook in April. That said, interest rate increases will be dampening investment. Meanwhile, an economic slowdown in China—the main buyer of Oman’s oil—is likely denting demand for hydrocarbon exports.
Oman - Current Account Data
|Current Account (% of GDP)||-16.0||-19.1||-15.6||-5.5||-|
5 years of economic forecasts for more than 30 economic indicators.
Oman Current Account Chart
Source: Central Bank of Oman.
|Exchange Rate||0.39||0.06 %||Dec 31|
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