GDP in Oman

Oman GDP | Economic News & Forecasts

Oman - GDP

The economy likely slowed last year, as suggested by a year-on-year dip in oil production in January–November. Moreover, the non-oil economy appeared constrained: Bank lending growth to the private sector was modest through November, potentially dampening private consumption and fixed investment. In addition, government spending dropped slightly in January–November, while a sharper fall in revenues led to a wider fiscal deficit. On the external side, although the merchandise trade surplus widened in January–September, this was due to imports dropping faster than exports. Meanwhile, the government announced in late January that the long-delayed VAT of 5% would come into force at the beginning of 2021; the recent drop in oil prices highlights the government’s need to diversify revenue.

Oman - GDP Data

2014   2015   2016   2017   2018  
Economic Growth (GDP, annual variation in %)1.4  4.7  5.0  -0.9  -     

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Oman GDP Chart

Oman GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: National Center for Statistics and Information and FocusEconomics calculations.

Oman Facts

Value Change Date
Exchange Rate0.390.06 %Dec 31

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