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Middle East and North Africa
Oman |
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Last reviewed: 17 November 2008 |
Country information
ECONOMY
Basic Economic Facts
GDP: US$40.52 bn (2007)GNI per head: US$14,680 (2005)
Annual Growth: 5.3% (2007)
Consumer Price Inflation: 4% (2007)
Major Industries: Oil, Natural Gas, Agriculture and Fishing
Major trading partners: Japan, UAE, South Korea, China, EU, Thailand
Exchange rate: 0.385 Omani Rials: US$1 (2008)
The economy is largely dependent on the production and export of oil and gas, which began in 1967, but the policy of gradually lessening dependence on oil is meeting with continuing success. In 2005 oil & gas accounted for 79.5% of Government revenue, as compared to 72.7% in 2003, and 73.1 in 2002. Oman’s policy of economic diversification, is focusing on natural gas, port developments in Sohar and Salalah, information and communication technology, fisheries, manufacturing and, in particular, modern tourist facilities, which are being expanded throughout the country. Another important economic policy is ‘Omanisation’, the replacement of migrant workers with Omani nationals. The aim is to address the pressing need to provide work for the growing number of young Omanis, and prepare the country for the post-oil era.
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Contacts
Address:
Embassy of the Sultanate of Oman
167 Queen's Gate
London SW7 5HE
Military Section, Cultural Section and Health Section
64 Ennismore Gardens
London SW7 1NH
Telephone:
(020) 7225 0001
(020) 7589 0202 Military
(020) 7589 0220 Cultural
(020) 7589 0002 Health
(020) 7225 0001 Commercial
Fax:
(020) 7584 3653 Military
(020) 7584 6435 Cultural
(020) 7581 2545 Health
(020) 7589 2505 Commercial
Office hours:
Mon–Fri: 0900–1530