The Gross Domestic Product (GDP) in Oman expanded 2.20 percent in 2018 from the previous year.

GDP Annual Growth Rate in Oman averaged 4.96 percent from 2000 until 2018, reaching an all time high of 13.10 percent in 2008 and a record low of -0.90 percent in 2017. This page provides the latest reported value for - Oman GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP Annual Growth Rate in Oman is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Oman GDP Annual Growth Rate is projected to trend around 3.80 percent in 2020, according to our econometric models.

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Oman GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.20 -0.90 13.10 -0.90 2000 - 2018 percent Yearly

Oman GDP Annual Growth Rate
Oman's economy relies heavily on oil production. The petroleum sector accounts for around 87 percent of budget revenues, 51 percent of GDP and 60 percent of total exports. However, as oil reserved have been shrinking in recent years the government has embarked on a process of economic diversification focused on development of tourism and gas based industries.