Oman ranked 70/197 by economy size with a GDP of $107B and 57/197 by GDP per capita at $20,248. Oman has $38B in government debt, with a debt-to-GDP ratio of 35.4%.
In 2025, Oman made up 0.1% of the world's economy, compared to 0.003% in 1960.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | $44,234,656 | $1,249,211,742 | - |
| 1961 | $45,634,487 | $1,263,447,839 | 3.16% |
| 1962 | $56,273,202 | $1,518,510,059 | 23.3% |
| 1963 | $59,912,763 | $1,587,317,448 | 6.47% |
| 1964 | $61,872,526 | $1,588,503,801 | 3.27% |
| 1965 | $63,279,975 | $1,595,621,861 | 2.27% |
| 1966 | $67,759,973 | $1,678,665,421 | 7.08% |
| 1967 | $107,151,832 | $2,790,262,281 | 58.1% |
| 1968 | $188,879,849 | $5,075,146,585 | 76.3% |
| 1969 | $239,999,808 | $6,377,742,275 | 27.1% |
| 1970 | $256,319,795 | $7,263,935,714 | 6.8% |
| 1971 | $301,010,587 | $7,329,182,208 | 17.4% |
| 1972 | $366,883,548 | $8,049,290,789 | 21.9% |
| 1973 | $483,066,991 | $6,902,101,210 | 31.7% |
| 1974 | $1,645,917,776 | $7,695,760,470 | 240.7% |
| 1975 | $2,096,699,189 | $9,576,104,314 | 27.4% |
| 1976 | $2,560,220,035 | $11,543,047,911 | 22.1% |
| 1977 | $2,741,169,948 | $11,659,311,607 | 7.07% |
| 1978 | $2,740,301,390 | $11,228,671,308 | -0.03% |
| 1979 | $3,733,352,635 | $11,715,068,326 | 36.2% |
| 1980 | $5,981,760,278 | $12,422,124,728 | 60.2% |
| 1981 | $7,259,120,151 | $14,539,734,068 | 21.4% |
| 1982 | $7,554,719,456 | $16,221,957,658 | 4.07% |
| 1983 | $7,932,541,691 | $18,925,617,928 | 5% |
| 1984 | $8,821,443,151 | $22,088,390,354 | 11.2% |
| 1985 | $10,005,645,420 | $25,182,354,730 | 13.4% |
| 1986 | $7,324,167,369 | $25,686,545,709 | -26.8% |
| 1987 | $7,811,183,095 | $24,802,727,111 | 6.65% |
| 1988 | $8,386,215,865 | $26,281,968,614 | 7.36% |
| 1989 | $9,372,171,651 | $29,371,903,351 | 11.8% |
| 1990 | $13,310,273,082 | $29,333,594,830 | 42% |
| 1991 | $12,918,335,501 | $31,115,340,233 | -2.94% |
| 1992 | $14,183,615,085 | $33,733,348,947 | 9.79% |
| 1993 | $14,230,429,129 | $35,771,841,958 | 0.33% |
| 1994 | $14,715,214,564 | $37,158,277,767 | 3.41% |
| 1995 | $15,722,236,671 | $39,015,009,844 | 6.84% |
| 1996 | $17,402,080,624 | $40,203,383,600 | 10.7% |
| 1997 | $18,039,791,938 | $42,629,059,778 | 3.66% |
| 1998 | $16,044,213,264 | $42,600,125,690 | -11.1% |
| 1999 | $17,832,769,831 | $42,726,901,831 | 11.1% |
| 2000 | $22,259,557,867 | $45,372,727,045 | 24.8% |
| 2001 | $22,205,721,717 | $47,465,846,486 | -0.24% |
| 2002 | $23,065,539,662 | $47,093,635,558 | 3.87% |
| 2003 | $24,733,680,104 | $46,060,087,701 | 7.23% |
| 2004 | $28,378,933,680 | $46,977,841,908 | 14.7% |
| 2005 | $35,506,892,068 | $48,283,564,529 | 25.1% |
| 2006 | $42,577,633,290 | $50,538,317,581 | 19.9% |
| 2007 | $48,300,390,117 | $53,055,456,656 | 13.4% |
| 2008 | $69,804,681,404 | $57,803,951,303 | 44.5% |
| 2009 | $55,454,096,229 | $61,261,764,565 | -20.6% |
| 2010 | $64,993,498,049 | $62,776,154,507 | 17.2% |
| 2011 | $77,497,529,259 | $64,593,279,187 | 19.2% |
| 2012 | $87,408,842,653 | $70,318,260,490 | 12.8% |
| 2013 | $89,936,020,806 | $73,994,291,063 | 2.89% |
| 2014 | $92,699,089,727 | $74,950,483,987 | 3.07% |
| 2015 | $78,710,793,238 | $78,710,793,238 | -15.1% |
| 2016 | $75,128,738,622 | $82,682,873,556 | -4.55% |
| 2017 | $80,856,697,009 | $82,934,277,089 | 7.62% |
| 2018 | $91,505,851,756 | $84,001,727,416 | 13.2% |
| 2019 | $88,060,858,257 | $83,053,651,985 | -3.76% |
| 2020 | $75,909,492,848 | $80,246,670,661 | -13.8% |
| 2021 | $87,323,797,139 | $82,318,780,120 | 15% |
| 2022 | $109,852,795,839 | $88,892,516,940 | 25.8% |
| 2023 | $105,895,708,713 | $89,947,791,028 | -3.6% |
| 2024 | $106,942,782,835 | $91,453,585,977 | 0.99% |
Economic Statistics of Oman
Oman
|
Rank | |
|---|---|---|
| Gross domestic product |
$107B
2024 |
70/197 |
| GDP growth |
0.99%
2023-2024 |
170/196 |
| GDP per capita |
$20,248
2024 |
57/197 |
| GDP per capita, PPP |
$41,664
2024 |
54/197 |
| Government debt |
$38B
2024 |
84/185 |
| Debt-to-GDP ratio |
35.4%
2025 |
146/185 |
| Government debt per person |
$7,191
2024 |
68/185 |
| Average annual personal income after taxes |
$20,368
2025 |
43/197 |
| Listed domestic companies |
110
2022 |
48/103 |
| Market capitalization of domestic companies |
$22.3B
2022 |
57/100 |
| Number of billionaires |
2
2025 |
58/78 |
| Billionaire frequency |
1 in 1,839,558
2025 |
41/78 |
| Government expenditure, % of GDP |
28.2%
2025 |
108/195 |
| Consumer prices inflation |
0.9%
2024-2025 |
175/195 |
| Central bank interest rate |
4.75%
2025 |
64/105 |
| Unemployment rate |
3.3%
2022 |
145/196 |
| Population |
5636678
|
124/197 |
Oman's GDP per capita
Oman has a GDP per capita of $20,248, ranking 57/197, a GDP per capita based on purchasing power parity (PPP) of $41,664, ranking 54/197, and a median annual after tax income of $20,368, ranking 43/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1960 | $83.4 | - |
| 1961 | $84.5 | - |
| 1962 | $102.3 | - |
| 1963 | $106.8 | - |
| 1964 | $108.1 | - |
| 1965 | $108.1 | - |
| 1966 | $113.2 | - |
| 1967 | $174.7 | - |
| 1968 | $300 | - |
| 1969 | $372 | - |
| 1970 | $387 | - |
| 1971 | $442 | - |
| 1972 | $524 | - |
| 1973 | $670 | - |
| 1974 | $2,203 | - |
| 1975 | $2,692 | - |
| 1976 | $3,143 | - |
| 1977 | $3,205 | - |
| 1978 | $3,044 | - |
| 1979 | $3,934 | - |
| 1980 | $5,974 | - |
| 1981 | $6,866 | - |
| 1982 | $6,759 | - |
| 1983 | $6,714 | - |
| 1984 | $7,070 | - |
| 1985 | $7,549 | - |
| 1986 | $5,182 | - |
| 1987 | $5,204 | - |
| 1988 | $5,279 | - |
| 1989 | $5,591 | - |
| 1990 | $7,546 | $26,904 |
| 1991 | $6,977 | $28,109 |
| 1992 | $7,318 | $29,773 |
| 1993 | $7,039 | $30,987 |
| 1994 | $7,068 | $31,925 |
| 1995 | $7,414 | $33,598 |
| 1996 | $8,068 | $34,661 |
| 1997 | $8,235 | $36,809 |
| 1998 | $7,219 | $36,666 |
| 1999 | $7,915 | $36,792 |
| 2000 | $9,754 | $39,443 |
| 2001 | $9,612 | $41,679 |
| 2002 | $9,869 | $41,511 |
| 2003 | $10,464 | $40,935 |
| 2004 | $11,801 | $42,142 |
| 2005 | $14,435 | $43,673 |
| 2006 | $16,931 | $46,091 |
| 2007 | $18,793 | $48,627 |
| 2008 | $26,577 | $52,841 |
| 2009 | $20,656 | $55,127 |
| 2010 | $23,570 | $55,667 |
| 2011 | $25,188 | $52,393 |
| 2012 | $24,642 | $49,989 |
| 2013 | $23,458 | $47,013 |
| 2014 | $23,161 | $44,236 |
| 2015 | $18,808 | $36,058 |
| 2016 | $17,110 | $33,334 |
| 2017 | $17,820 | $33,619 |
| 2018 | $19,902 | $37,780 |
| 2019 | $19,180 | $37,251 |
| 2020 | $16,785 | $35,163 |
| 2021 | $19,403 | $38,719 |
| 2022 | $23,224 | $42,616 |
| 2023 | $20,972 | $41,851 |
| 2024 | $20,248 | $41,664 |
Oman's government spending, deficit, and chart
This chart shows Oman's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 36 years, Oman recorded a fiscal deficit in 14 years — average annual surplus equal to +1.08% of GDP. In 2024, government spending reached $29.9B (28.2% of GDP), with a surplus of +1.24%.
The national debt reached $38B, ranking 84th out of 185 countries by total size, with a debt-to-GDP ratio of 35.4%, ranking 146th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1990 | 36.5% | 17.8% | 4.78% |
| 1991 | 37.4% | 22.6% | 0.12% |
| 1992 | 40.1% | 23.1% | -4.85% |
| 1993 | 40.1% | 22.2% | -6.84% |
| 1994 | 39.7% | 23.6% | -7.47% |
| 1995 | 38.2% | 21.9% | -3.9% |
| 1996 | 33.5% | 21.2% | 2.22% |
| 1997 | 32.1% | 20.8% | 4.77% |
| 1998 | 36.1% | 30.9% | -4.37% |
| 1999 | 34.2% | 28.9% | 0.3% |
| 2000 | 31.2% | 21.7% | 12.2% |
| 2001 | 33.3% | 22.5% | 7.55% |
| 2002 | 34.1% | 15.9% | 5.31% |
| 2003 | 34% | 13% | 5.92% |
| 2004 | 34.1% | 14.5% | 5.43% |
| 2005 | 30.6% | 8.39% | 11.2% |
| 2006 | 30.1% | 7.56% | 12.2% |
| 2007 | 30.7% | 4.44% | 10.5% |
| 2008 | 25.6% | 3.2% | 14.7% |
| 2009 | 33.4% | 5.8% | -0.27% |
| 2010 | 30.6% | 5.46% | 4.95% |
| 2011 | 34.5% | 4.44% | 8.24% |
| 2012 | 38.6% | 4.59% | 4.07% |
| 2013 | 39.3% | 4.66% | 2.78% |
| 2014 | 41.4% | 4.04% | -1.58% |
| 2015 | 44.5% | 13.9% | -13.5% |
| 2016 | 44.6% | 29.3% | -19.6% |
| 2017 | 39.4% | 40.1% | -10.5% |
| 2018 | 38.3% | 44.7% | -6.72% |
| 2019 | 38.8% | 52.5% | -4.83% |
| 2020 | 44.5% | 67.9% | -15.7% |
| 2021 | 36.5% | 61.9% | -3.17% |
| 2022 | 30.9% | 41.7% | 10.5% |
| 2023 | 27.5% | 37.5% | 6.87% |
| 2024 | 27.9% | 35.5% | 6.31% |
| 2025 | 28.2% | 35.4% | 1.24% |
Inflation rate by year
Over the past 20 years, Oman has had an average annual inflation rate of 2.4%. In 2025, inflation was 0.9%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1980 | 10% |
| 1981 | 6.4% |
| 1982 | 2.5% |
| 1983 | -2.1% |
| 1984 | -7.4% |
| 1985 | -4% |
| 1986 | 7.6% |
| 1987 | 2.6% |
| 1988 | 1.6% |
| 1989 | 1.6% |
| 1990 | 10% |
| 1991 | 4.6% |
| 1992 | 1% |
| 1993 | 1.1% |
| 1994 | -0.7% |
| 1995 | -1.1% |
| 1996 | 0.5% |
| 1997 | -0.4% |
| 1998 | 0.4% |
| 1999 | 0.5% |
| 2000 | -1.2% |
| 2001 | -0.8% |
| 2002 | -0.3% |
| 2003 | 0.2% |
| 2004 | 0.8% |
| 2005 | 1.9% |
| 2006 | 3.2% |
| 2007 | 5.9% |
| 2008 | 12.6% |
| 2009 | 3.5% |
| 2010 | 3.3% |
| 2011 | 4.1% |
| 2012 | 2.9% |
| 2013 | 1.3% |
| 2014 | 1.2% |
| 2015 | 0.1% |
| 2016 | 0.9% |
| 2017 | 1.5% |
| 2018 | 0.7% |
| 2019 | 0.5% |
| 2020 | -0.4% |
| 2021 | 1.7% |
| 2022 | 2.5% |
| 2023 | 1% |
| 2024 | 0.6% |
| 2025 | 0.9% |
Balance of trade
|
Oman
|
Rank | |
|---|---|---|
Current account balance
|
$2.64B
2023 |
40/189 |
| Current account balance, % of GDP |
+2.49%
2023 |
47/189 |
| Goods imports |
$35.2B
2023 |
62/188 |
| Goods exports |
$59B
2023 |
47/188 |
| Service imports |
$12.2B
2023 |
61/188 |
| Service exports |
$5.73B
2023 |
89/188 |
| Imports of goods and services, % of GDP |
44.8%
2023 |
87/180 |
| Exports of goods and services, % of GDP |
61.1%
2023 |
39/193 |
Oman's top 10 trading partners
Oman's biggest trading partner accounting for 22.7%% of all exports and imports is the United Arab Emirates, with a trade balance between the two of -$6.45B — Oman exports $3.76B worth of goods and services to the United Arab Emirates and imports $10.2B.
Below is the list of the top 10 trade partners of Oman.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
UAE
|
$14B | 22.7% | $3.76B | $10.2B | Machinery & equipment | Machinery & equipment |
| 2 |
Saudi Arabia
|
$7.74B | 12.6% | $2.94B | $4.79B | Raw materials & minerals | Raw materials & minerals |
| 3 |
India
|
$4.99B | 8.1% | $2.21B | $2.78B | Raw materials & minerals | Raw materials & minerals |
| 4 |
China
|
$3.42B | 5.56% | $597M | $2.83B | Chemicals & pharma | Machinery & equipment |
| 5 |
Qatar
|
$2.9B | 4.7% | $740M | $2.16B | Raw materials & minerals | Raw materials & minerals |
| 6 |
United States
|
$2.7B | 4.38% | $1.34B | $1.35B | Chemicals & pharma | Machinery & equipment |
| 7 |
Kuwait
|
$2.17B | 3.52% | $427M | $1.74B | Animal & marine products | Raw materials & minerals |
| 8 |
South Africa
|
$1.5B | 2.44% | $1.44B | $58.3M | Raw materials & minerals | Metals |
| 9 |
Brazil
|
$1.43B | 2.32% | $204M | $1.22B | Raw materials & minerals | Raw materials & minerals |
| 10 |
Japan
|
$1.37B | 2.22% | $95.3M | $1.27B | Processed food, beverages & tobacco | Machinery & equipment |
Oman's top 10 exports
|
Oman
|
Rank | |
|---|---|---|
| Raw materials & minerals | $45B | 26/193 |
| Chemicals & pharma | $3.69B | 50/193 |
| Metals | $3.5B | 53/192 |
| Machinery & equipment | $3.26B | 62/193 |
| Animal & marine products | $1.31B | 49/192 |
| Processed food, beverages & tobacco | $1.19B | 73/192 |
| Transport & tourism services | $984M | 117/188 |
| Business & finance services | $472M | 93/188 |
| Precious metals & jewellery | $283M | 85/190 |
| Raw agricultural goods | $255M | 100/193 |
Oman's top 10 imports
|
Oman
|
Rank | |
|---|---|---|
| Raw materials & minerals | $11.7B | 48/193 |
| Machinery & equipment | $10B | 66/193 |
| Transport & tourism services | $4.7B | 67/188 |
| Chemicals & pharma | $4.38B | 68/193 |
| Metals | $4.04B | 54/193 |
| Business & finance services | $2.79B | 61/188 |
| Processed food, beverages & tobacco | $2.19B | 69/193 |
| Animal & marine products | $1.63B | 46/193 |
| Raw agricultural goods | $1.54B | 66/193 |
| Textiles & consumer goods | $1.46B | 86/193 |
Economic freedom indices
|
Oman
|
Rank | |
|---|---|---|
| Economic freedom | 65.4 | 64/197 |
| Property rights | 74.5 | 43/182 |
| Government integrity | 42.3 | 43/182 |
| Judicial effectiveness | 25.5 | 43/182 |
| Tax burden | 97.6 | 6/181 |
| Government spending | 70.8 | 103/180 |
| Fiscal health | 63.2 | 106/181 |
| Business freedom | 68.1 | 83/182 |
| Labor freedom | 52.2 | 135/182 |
| Monetary freedom | 82.5 | 2/180 |
| Trade freedom | 78.2 | 61/181 |
| Investment freedom | 70 | 36/181 |
| Financial freedom | 60 | 55/181 |
Oman's economic freedom by year
Oman is ranked 58/180 for economic freedom with a score of 65.4, compared to 38/163 and a score of 66.5 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1995 | 70.2 | - | 75 | 52.7 | - |
| 1996 | 65.4 | - | 75 | 49.3 | - |
| 1997 | 64.5 | - | 75 | 46.3 | - |
| 1998 | 64.9 | - | 74.9 | 42.2 | - |
| 1999 | 64.9 | - | 90.9 | 56 | - |
| 2000 | 64.1 | - | 93.7 | 67.3 | - |
| 2001 | 67.7 | - | 98.5 | 67.3 | - |
| 2002 | 64 | - | 98.5 | 47.1 | - |
| 2003 | 64.6 | - | 98.5 | 33.7 | - |
| 2004 | 66.9 | - | 98.5 | 58.3 | - |
| 2005 | 66.5 | - | 98.5 | 57.6 | - |
| 2006 | 63.7 | - | 98.5 | 56.5 | - |
| 2007 | 65.8 | - | 98.5 | 52 | - |
| 2008 | 67.3 | - | 98.5 | 60.7 | - |
| 2009 | 67 | - | 98.5 | 61.1 | - |
| 2010 | 67.7 | - | 98.5 | 57.4 | - |
| 2011 | 69.8 | - | 98.5 | 68.1 | - |
| 2012 | 67.9 | - | 98.4 | 53.6 | - |
| 2013 | 68.1 | - | 98.5 | 69.1 | - |
| 2014 | 67.4 | - | 98.5 | 56 | - |
| 2015 | 66.7 | - | 98.5 | 44.2 | - |
| 2016 | 67.1 | - | 98.5 | 36.8 | - |
| 2017 | 62.1 | 52.3 | 98.5 | 20.5 | 36.3 |
| 2018 | 61 | 57.4 | 98.5 | 25 | 17.7 |
| 2019 | 61 | 51.6 | 97.8 | 32.5 | 16.1 |
| 2020 | 63.6 | 66.2 | 98.4 | 36.2 | 14.8 |
| 2021 | 64.6 | 66.3 | 97.7 | 39.2 | 12.2 |
| 2022 | 56.6 | 27.1 | 97.7 | 32.8 | 6.9 |
| 2023 | 58.5 | 49.2 | 97.6 | 50.7 | 12.1 |
| 2024 | 62.9 | 24.2 | 97.6 | 59.4 | 73.8 |
| 2025 | 65.4 | 25.5 | 97.6 | 70.8 | 63.2 |
More economic indicators
|
Oman
|
Rank | |
|---|---|---|
| Services, % of GDP |
46.5%
2024 |
150/191 |
| Industry, % of GDP |
54.2%
2024 |
6/194 |
| Agriculture, forestry, and fishing, % of GDP |
2.6%
2024 |
134/193 |
|
GNI, Atlas method
|
$102B
2024 |
68/194 |
| GNI per capita, PPP |
$38,840
2024 |
53/191 |
| Total reserves including gold |
$18.3B
2024 |
64/177 |
|
Net foreign direct investment
|
-$12.1B
2023 |
179/188 |
|
Net inflows of foreign direct investment
|
$8.69B
2024 |
38/193 |
|
Net outflows of foreign direct investment
|
$1.04B
2024 |
49/187 |
|
Gross capital formation, % of GDP
|
26.7%
2023 |
55/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Oman topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.