Oman

Oman

The economy of Oman is dominated by its dependence on crude oil (90% of exports). Oman produces around 700,000 barrels (110,000 m³) of oil per day. There have also been significant discoveries of natural gas and development of a liquefied natural gas terminal.

The income generated was quickly deployed into building infrastructures of roads, schools, hospitals, water and electricity generating plants. All of this activity has made Oman a major success story for economic growth.

The government is moving ahead with privatization of its utilities, the development of a body of commercial law to facilitate foreign investment, and increased budgetary outlays. Oman continues to liberalize its markets and joined the World Trade Organization in November 2000.

On 20 July 2006, the U.S. House of Representatives approved a US-Oman Free Trade Agreement. The treaty ended all duties on trade in industrial and consumer goods. Proponents of the deal claim that the pact will help liberalize the Omani market and open it to U.S. goods.

Total GDP: $66.98 billion (2008 est.)

GDP Growth Rate: 6.4% (2008 est.)

GDP Per Capita: $20,200 (2008 est.)

Population: 3,418,085 (July 2009 est.)

Population Growth Rate: 3.138% (2009 est.)

Fertility Rate: 5.53 children born/woman (2009 est.)

Age Structure:

0-14 years: 42.7% (male 744,265/female 714,116)

15-64 years: 54.5% (male 1,079,511/female 783,243)

65 years and over: 2.8% (male 55,180/female 41,770)

(2009 est.)

Source: CIA World Factbook