Country Summary: Oman (Sultanate of Oman)
Country Name: Oman (Sultanate of Oman)
Capital: Muscat
Government Type: absolute monarchy
Background: The inhabitants of the area of Oman have long prospered from Indian Ocean trade. In the late 18th century, the nascent sultanate in Muscat signed the first in a series of friendship treaties with Britain. Over time, Oman's dependence on British political and military advisors increased, although the sultanate never became a British colony. In 1970, QABOOS bin Said Al Said overthrew his father, and ruled as sultan for the next five decades. His extensive modernization program opened the country to the outside world. He prioritized strategic ties with the UK and US, and his moderate, independent foreign policy allowed Oman to maintain good relations with its neighbors and to avoid external entanglements.
Continent: Middle East
Population: 3,833,465 (2023 est.)
note: immigrants make up approximately 46% of the total population (2019)
Ethnic Groups: Arab, Baluchi, South Asian (Indian, Pakistani, Sri Lankan, Bangladeshi), African
Languages: Arabic (official), English, Baluchi, Swahili, Urdu, Indian dialects
Religions: Muslim 85.9%, Christian 6.4%, Hindu 5.7%, other and unaffiliated 2% (2020 est.)
Economic Overview: high-income, oil-based economy; large welfare system; growing government debt; citizenship-based labor force growth policy; US free trade agreement; diversifying portfolio; high female labor force participation
Currency: Omani Rial (OMR)
Reserves of Foreign Exchange & Gold: $17.606 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $161.712 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 4.31% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $35,300 (2022 est.) note: data in 2017 dollars
Exports:
$69.701 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 58
Export Commodities: crude petroleum, natural gas, refined petroleum, fertilizers, iron (2021)
Export Partners: China 46%, India 8%, Japan 6%, South Korea 6%, United Arab Emirates 6%, Saudi Arabia 5% (2019)
Imports:
$46.326 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 69
Import Commodities: cars, refined petroleum, broadcasting equipment, gold, iron (2019)
Import Partners: United Arab Emirates 36%, China 10%, Japan 7%, India 7%, United States 5% (2019)
Natural Resources: petroleum, copper, asbestos, some marble, limestone, chromium, gypsum, natural gas
Agricultural Products: dates, tomatoes, vegetables, goat milk, milk, cucumbers, green chillies/peppers, watermelons, sorghum, melons
Industries: crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber
Industrial Production Growth Rate:
5.05% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 58
Labor Force: 2.261 million (2022 est.)
Unemployment Rate: 1.53% (2022 est.) note: % of labor force seeking employment
Natural Hazards: summer winds often raise large sandstorms and dust storms in interior; periodic droughts
Geography:
Total: 309,500 sq km
Land: 309,500 sq km
Water: 0 sq km
(Country Summary, The World Factbook, CIA.gov)
LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements.