Skyline at night in Oman

Oman Exports (G&S, ann. var. %)

Exports in Oman

The economy grew 4.3% last year. The expansion was led by the oil sector, which grew 10.2%. The non-hydrocarbons sector expanded 1.6%, with services output rising 5.0%. Heading into 2023, the hydrocarbons sector appears to have weakened, with oil output close to stagnant in January–April compared to 2022. That said, LNG exports were up 23% in January–February, providing some respite. The non-hydrocarbons sector may be faring better, with inflation having ticked down in the year so far. In other news, Moody’s bumped up the government’s credit rating a notch to ‘Ba2’ in mid-May and kept a positive outlook, citing stronger fiscal metrics as a result of energy prices rising sharply last year. Bearing out this conclusion, in late May, the government announced it had a 2.7% of GDP budget surplus in 2022—the best result in nearly 10 years.

Oman Exports Chart

This chart displays Exports (G&S, ann. var. %) for Oman from 2012 to 2021.

Oman Exports Data

2017 2018 2019 2020 2021
Exports (G&S, ann. var. %) -0.8 2.8 1.9 -14.6 14.2

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