The Gross Domestic Product (GDP) in Oman contracted 0.80 percent in 2019 from the previous year.

GDP Annual Growth Rate in Oman averaged 3.13 percent from 1999 until 2019, reaching an all time high of 9.10 percent in 2012 and a record low of -2.70 percent in 2003. 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. Oman GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Annual Growth Rate in Oman is expected to reach -3.50 percent by the end of 2020, 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 3.00 percent in 2021 and 3.50 percent in 2022, according to our econometric models.

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Oman GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.80 0.90 9.10 -2.70 1999 - 2019 percent Yearly
2000=100

Oman GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -0.80 0.90 9.10 -2.70 percent [+]
GDP 76.98 79.28 81.08 0.04 USD Billion [+]
GDP Constant Prices 28850.10 29090.20 29090.20 2185.00 OMR Million [+]
Gross Fixed Capital Formation 7110.90 7418.40 8517.30 1681.10 OMR Million [+]
GDP per capita 14992.60 15367.50 18925.60 713.70 USD [+]
GDP per capita PPP 27896.30 28593.80 35214.30 26976.40 USD [+]
Gross National Product 26987.80 28452.30 29525.80 2098.00 OMR Million [+]
GDP From Agriculture 690.60 670.20 690.60 168.20 OMR Million [+]
GDP From Construction 1854.60 1986.10 2285.10 159.00 OMR Million [+]
GDP From Manufacturing 3071.80 3011.00 3279.50 252.00 OMR Million [+]
GDP From Mining 125.50 171.00 171.00 19.10 OMR Million [+]
GDP From Public Administration 3574.70 3575.80 3708.10 646.40 OMR Million [+]
GDP From Services 14128.00 14437.50 14437.50 2825.80 OMR Million [+]
GDP From Transport 1721.20 1649.20 1721.20 325.10 OMR Million [+]
GDP From Utilities 620.30 567.00 620.30 67.70 OMR Million [+]


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.