GDP (Gross Domestic Product)
Definition
Gross domestic product is the total monetary value of all finished goods and services produced within a country’s borders during a specific time period, typically measured annually or quarterly. It serves as the primary indicator of a nation’s economic size and health.
Context
Oman’s GDP is heavily influenced by oil prices and production volumes. Tracking GDP composition helps analysts assess the progress of economic diversification, specifically the growing share of non-oil sectors relative to hydrocarbons.
Example
When Oman reports a GDP of approximately ninety billion dollars, this figure includes the value of oil extracted, services rendered, goods manufactured, and all other economic activity within its borders during that year.