What Is Oman’s GDP?
Short Answer
Oman’s gross domestic product is approximately ninety billion United States dollars in nominal terms. The economy is heavily influenced by oil prices, with hydrocarbon revenues constituting a significant portion of total output. GDP growth has been driven increasingly by non-oil sectors as diversification efforts take hold.
Detailed Answer
Oman’s GDP reflects the performance of both the hydrocarbon and non-hydrocarbon sectors. The oil and gas sector contributes roughly thirty percent of GDP directly, though its indirect impact through government spending and investment flows is considerably larger. Non-oil GDP has been growing at a faster rate in recent years, reflecting the success of diversification initiatives.
GDP per capita stands at approximately nineteen thousand dollars in nominal terms, placing Oman in the high-income category according to World Bank classifications. However, this figure masks significant variation between the well-compensated public sector and the lower-wage segments of the private sector, particularly those dominated by expatriate labour.
Real GDP growth rates have fluctuated based on oil market conditions and government fiscal policy. Years of high oil prices typically see strong nominal GDP growth, while periods of low prices can result in contraction. The government’s medium-term fiscal plan targets sustainable growth of three to four percent annually in real terms.
Sectoral contributions to GDP are shifting gradually. Services including retail, finance, and tourism represent the largest share of non-oil output, followed by manufacturing, construction, and agriculture. The development of large-scale projects in logistics and green energy is expected to further reshape the GDP composition.