Fiscal Balance in Oman
Oman - Fiscal Balance
GDP will have contracted sharply in Q2 due to the pandemic and flagging oil production. Containment measures introduced to slow the spread of the virus hammered activity and contributed to continuous month-on-month falls in employment among expatriate workers in Q2. Turning to Q3, the economy likely remains fragile as oil production was down slightly in January–July, energy exports decreased notably in July, and the country underwent a two-week lockdown from late July. On a brighter note, however, the unemployment rate fell 0.3 percentage points in the same month, suggesting the labor market may be recovering somewhat. In other news, Fitch Ratings downgraded Oman’s credit rating from ‘BB’ to ‘BB-’ with a negative outlook in mid-August. The decision was driven by the deterioration of Oman’s fiscal and external positions amid lower oil prices and tepid global demand due to the pandemic.Oman - Fiscal Balance Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -17.6 | -21.1 | -13.9 | -8.7 | -9.1 |
Oman Fiscal Balance Chart
Source: National Center for Statistics and Information and FocusEconomics calculations.
Oman Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 0.39 | 0.06 % | Dec 31 |
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