Trade Balance in Oman

Oman Trade Balance | Economic News & Forecasts

Oman - Trade 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 - Trade Balance Data

2015   2016   2017   2018   2019  
Trade Balance (USD billion)9.1  6.3  8.8  18.1  -     

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Oman Trade Balance Chart

Oman Trade Balance
Note: Trade balance in (USD bn).
Source: Central Bank of Oman.

Oman Facts

Value Change Date
Exchange Rate0.390.06 %Dec 31

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