Current Account in Oman

Oman Current Account | Economic News & Forecasts

Oman - Current Account

A long-awaited data release in August revealed economic growth rebounded in 2018 after nearly grinding to a halt in 2017. The improvement was driven by a recovery in oil activity, albeit a modest one, given the ongoing OPEC+ agreement to restrict oil production. This contributed to a surge in exports, resulting in the current account deficit narrowing by nearly two-thirds. Turning to 2019, the economy appears to have had a mixed year so far. On the one hand, the non-oil economy looks in good shape, with inflation averaging below half a percent in January–July, which should have supported private spending, while bank lending rose at a healthy pace in January–June compared to the same period last year, hinting at robust fixed investment growth. On the other hand, oil production was steady in January–June in annual terms.

Oman - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)6.6  5.2  -15.9  -18.7  -15.2  

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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 Rate0.390.06 %Sep 04
Stock Market0.10.0 %Sep 04

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