How Big Is Oman’s Economy?
Short Answer
Oman’s gross domestic product stands at approximately ninety billion United States dollars in nominal terms, making it the sixth-largest economy among the six Gulf Cooperation Council member states. On a per-capita basis, Oman’s GDP is roughly nineteen thousand dollars, reflecting its status as a high-income developing nation.
Detailed Answer
The size of Oman’s economy fluctuates with global oil prices given the dominant role of hydrocarbons in national output. In years of high oil prices, nominal GDP has exceeded one hundred billion dollars, while price downturns can contract the figure substantially. This volatility underscores the importance of the ongoing diversification agenda.
Compared to its GCC neighbours, Oman’s economy is smaller than Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, but larger than Bahrain. The population of approximately five million people means that per-capita income, while comfortable, is lower than in Qatar or the UAE where smaller citizen populations share larger resource revenues.
The non-oil economy has been growing steadily, with sectors like tourism, logistics, and manufacturing contributing an increasing share of GDP. Government efforts to develop special economic zones and attract foreign investment aim to broaden the economic base and reduce the correlation between GDP growth and oil price movements.
Purchasing power parity adjustments place Oman’s economy somewhat higher in real terms, reflecting the relatively low cost of energy and subsidised utilities that prevail domestically.